The won-dollar exchange rate broke through the 1,450-won level in early trading, surging to its highest in seven months.
On Nov. 7 in the Seoul foreign exchange market, the won-dollar exchange rate was 1,452.3 won as of 10:34 a.m., up 4.6 won from the prior day's weekly transaction closing level (as of 3:30 p.m.).
The rate opened at 1,448.1 won, 0.4 won higher than the previous session, then extended gains to break through 1,450 won in early trading. On an intraday high basis for weekly transaction, it is the highest level in seven months since Apr. 11 (1,457.2 won).
Concerns about the U.S. labor market kept risk-off sentiment in place. Challenger, Gray & Christmas said in a report released on the 6th (local time) that 153,074 jobs disappeared in the United States in October. This is the largest October job cut since 2003.
According to Investing.com, the dollar index (DXY), which reflects the value of the dollar against the currencies of six major countries, was 99.77, up 0.07% from the previous day.
Min Kyung-won, an economist at Woori Bank, said, "As debate over tech stock valuations has led to a decline in the New York stock market, there is a strong possibility that downward pressure will build on the domestic market today, centered on net selling by foreign funds," adding, "Verbal intervention and fine-tuning are needed to prevent the exchange rate from surging to 1,500 won."