Won-Dollar Exchange Rate Nears 1,360 Won... Rises on Oil Prices and U.S. Treasury Yields
Up 12.1 Won From the Previous Trading Day
On September 15, the won–dollar exchange rate rose to the 1,360 won range, influenced by an increase in international oil prices and the yield on 10-year U.S. Treasury bonds.
As of 3:30 p.m. in the Seoul foreign exchange market, the Korean won was trading at 1,359.4 won per U.S. dollar, up 12.1 won from the previous trading day. The exchange rate opened at 1,348.4 won and reached 1,360.30 won at around 3:23 p.m., marking the first time it has hit this level since the 3rd of September.
Baek Seok-hyun, an economist at Shinhan Bank, explained that the rise in oil prices, higher U.S. Treasury yields, and discussions about moderating the pace of artificial intelligence (AI) advancement are all contributing factors driving the exchange rate up. He also noted that, amid a recent sharp decline, export companies are delaying selling dollars.
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The dollar index, which measures the value of the U.S. dollar against the currencies of six major countries, rose 0.181 to 99.663, while the yen–dollar exchange rate increased by 0.51 yen to 154.83 yen.
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