Won-Dollar Exchange Rate Rises 2.0 Won to 1,503.4 Won (Update)
As of 3:30 p.m.
As of 3:30 p.m. on July 13, the won-dollar exchange rate was trading at 1,503.4 won in the Seoul foreign exchange market, up 2.0 won from the previous trading week's closing price.
Earlier in the day, the won-dollar exchange rate traded at 1,497.2 won, but showed a strong upward trend centered around the 1,500 won level, rising to as high as 1,508.9 won during intraday trading.
This is attributed to the strengthening of the U.S. dollar as demand for safe-haven assets increased amid ongoing tensions between the United States and Iran. The dollar index, which measures the value of the dollar against the currencies of six major countries, rose to the 101 range, slightly higher than the previous day's 100.95.
Additionally, the sharp drop in the KOSPI index, which closed at 6,806, down 8.95% from the previous trading day, is also believed to have impacted the exchange rate. On this day, foreign investors sold off shares worth 1.7261 trillion won in the KOSPI market.
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Furthermore, downward pressure was limited as the expected supply of shares related to SK hynix's American Depositary Receipts (ADR) listing on the NASDAQ market—which was anticipated to bring in up to 45 trillion won in dollar inflows—has not yet materialized in a significant way.
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