Won Closes at 1,540 Level Against Dollar for First Time Since Financial Crisis

The won/dollar exchange rate closed at the 1,540-won level for the first time since the global financial crisis, driven by the strengthening U.S. dollar and continued net selling of domestic stocks by foreign investors.
In the Seoul foreign exchange market on June 24, the daytime closing rate of the Korean won against the U.S. dollar was 1,541.8 won, up 2.7 won from the previous day.
This marks the first time in 17 years that the exchange rate has exceeded 1,540 won at closing since March 9, 2009, when it reached 1,549.0 won during the global financial crisis.
The exchange rate opened at 1,534.9 won, down 4.2 won, amid caution over potential intervention by authorities. It then pared its losses, shifted to an upward trend, and climbed as high as 1,542.9 won in the afternoon.
In night trading, the rate rose further to nearly 1,547 won.
The exchange rate is on an upward trajectory as the dollar remains strong due to expectations of interest rate hikes by the U.S. Federal Reserve.
Since closing at 1,511.6 won on the 16th, the rate has continued to rise, with the exception of the 19th.
The dollar index, which measures the value of the dollar against six major currencies, is at 101.486, up 0.13 percent.
Earlier today, it climbed to 101.508, marking its highest level in approximately one year and one month since May 13 of last year.
The continued net selling of domestic stocks by foreign investors, amounting to trillions of won daily, is also a factor contributing to the rise in the exchange rate.
On this day, foreign investors net sold approximately 4.6 trillion won worth of stocks on the KOSPI market.
This marks four consecutive trading days of net selling since the 19th.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.