Won Falls to 1,530 Range After Heavy Selling Follows Near-1,550 Peak

The won-dollar exchange rate fell to the 1,530 won range today after surging near 1,550 won during intraday trading due to the strong dollar, as a wave of selling hit the market.

In the Seoul foreign exchange market, the daytime closing price of the won against the U.S. dollar (as of 3:30 p.m.) was recorded at 1,532.0 won, down 10.7 won from the previous day.

The rate had climbed to 1,542.7 won the previous day, marking its highest level since the global financial crisis, before declining for the first time in five days.

The exchange rate opened at 1,547.3 won today, up 4.6 won, and rose to as high as 1,549.8 won during the session.

However, as the market neared its close, the influx of dollar selling by exporters for the end of the half-year, along with suspected intervention by authorities, pushed the rate down to 1,526.0 won around 3:14 p.m.

Based on the daytime closing price, the exchange rate has remained in the 1,500 won range for over a month, starting from the 15th of last month.

The dollar remains strong as expectations for interest rate hikes by the U.S. Federal Reserve continue to grow.

The dollar index, which measures the value of the dollar against six major currencies, has remained in the 101 range for three consecutive days.

In the KOSPI market, foreign investors net sold approximately 4.6 trillion won worth of domestic stocks.

This marks the sixth consecutive trading day of net selling, with the scale of the sell-off expanding from the previous day (approximately 870 billion won).

The KOSPI closed at 8,411.21, down 5.81 percent.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.