On the 22nd, the won-dollar exchange rate briefly surpassed 1400 won before dropping and closing lower. This marks the first time since the 13th that the exchange rate has closed lower on a weekly basis.
On that day, the won-dollar exchange rate in the Seoul foreign exchange market closed at 1393.2 won, down 5.2 won from the previous transaction (as of 3:30 p.m.).
The exchange rate started at 1400.0 won, up 1.6 won from the previous day, reaching 1400.5 won early in the trading session and surpassing 1400 won for the first time in three weeks since the 1st (1401.7 won). However, it fell sharply after lunchtime, dropping to as low as 1391.2 won.
The market interpreted that the dollar selling by exporters, viewing 1400 won as a peak, led to the decline. Some speculate that the foreign exchange authorities may have intervened for fine-tuning as the exchange rate surged ahead of Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium.
As the exchange rate fell, foreign investors began to buy stocks. At the same time, the dollar index, which measures the value of the dollar against six major currencies, recorded an increase of 0.41% to 98.764 compared to the previous day.
The won-yen exchange rate stood at 938.09 won per 100 yen, down 9.98 won from the previous day, while the yen-dollar exchange rate increased by 0.68% to 148.514 yen.