Won Falls 9.5 Won to 1,336.1 Won Despite Higher Oil Prices Due to Corporate Dollar Selling

The won-to-dollar exchange rate fell today (the 9th), declining by 9.5 won due to dollar selling by semiconductor companies and others, despite rising international oil prices driven by geopolitical instability in the Middle East.

In the Seoul foreign exchange market today, the closing reference price for the US dollar against the Korean won at 3:30 p.m. was tallied at 1,336.1 won, down 9.5 won.

The exchange rate started trading at 1,340.5 won today, rose to 1,342.1 won at 11:35 a.m., and then dropped to 1,335.0 won at 3:05 p.m.

Based on intraday highs, this marks the fifth consecutive trading session of declines.

It appears that the volume of dollar selling by semiconductor companies and others outweighed the demand from importers needing to remit mid-month settlement funds and residents investing in overseas stocks.

However, Brent crude futures surged again to approach 100 dollars per barrel, preventing any further decline in the exchange rate.

As armed conflict between the US and Iran resumed in the Strait of Hormuz, vessel navigation is being threatened, and clashes are intensifying in the Red Sea shipping route under the influence of the Houthi rebels near Iran.

In the KOSPI market today, foreign investors net sold 224.5 billion won worth of shares.

The US dollar is showing weakness.

The dollar index, which measures the greenback's value against six major currencies, stood at 98.669 as of 3:30 p.m., down 0.185 from the previous day.

The yen-to-dollar exchange rate fell 0.46% to 153.206 yen, continuing the trend of a strong Japanese yen.

The cross rate for the Korean won against the Japanese yen stood at 872.26 won per 100 yen, down 3.07 won.

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