Won-Dollar Exchange Rate Plunges 22.8 Won to 1,350 Range: "Dollar Selling Ahead of Chuseok, Hopes for US-Iran Dialogue" (Update)

As of 3:30 p.m. on the 22nd, won-dollar rate at 1,358.2... down 22.8 won

On September 22, the won-dollar exchange rate fell to the 1,350 won range.

On the 21st, employees were monitoring the stock market and exchange rates in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul.

As of 3:30 p.m. in the Seoul foreign exchange market that day, the won-dollar exchange rate stood at 1,358.2 won, down 22.8 won from the same time on the previous trading day. The exchange rate opened at 1,374.0 won and briefly rose to 1,374.4 won at around 9:02 a.m., but then rapidly declined. At around 1:59 p.m., it fell as low as 1,352.9 won.

With the Chuseok holiday approaching, export companies released dollar-selling (nego) positions, and expectations for renewed dialogue between the United States and Iran boosted risk appetite. On September 21 (local time), U.S. President Donald Trump commented about the possibility of meeting Iranian President Masoud Pezeshkian at the United Nations General Assembly, saying, "It is probably open." This led to a fall in international oil prices, while major tech and semiconductor stocks also showed strength in the New York stock market overnight.

However, the recent rise in U.S. Treasury yields, the resulting strength of the dollar, and settlement demand from importers are acting as factors limiting further declines in the exchange rate. The U.S. Dollar Index, which measures the dollar’s value against the currencies of six major economies, rose by 0.034 from the previous day to 100.433.

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