On the 10th, the won fell by nearly 2 won against the U.S. dollar and closed in the 1,470-won range.
In the Seoul foreign exchange market that day, the won-dollar rate ended at 1,470.4 won, down 1.9 won from the previous session's weekly transaction closing price (3:30 p.m.). On a closing basis, it stayed in the 1,470-won range for the second straight day after the 9th.
The rate opened at 1,470 won, down 2.3 won, and stayed nearly flat throughout. In early trading, it fell to as low as 1,468.7 won on the back of foreigners' net buying of domestic stocks, but then rebounded to 1,472.6 won by 12:05 p.m. It subsequently eased steadily back into the 1,470-won range.
A wait-and-see mood appeared to persist ahead of the U.S. Federal Open Market Committee (FOMC) interest rate decision to be announced early on the 11th Korea time. The market sees a high possibility that the Federal Reserve will cut the benchmark rate at this meeting. The current U.S. benchmark rate is 3.75%–4.00% per year.
The domestic stock market also traded flat, narrowing the exchange rate's trading range. The KOSPI closed at 4,135, down 8.55 points (0.21%) from the previous session. Foreign investors posted a net purchase of 296.4 billion won in stocks, and individuals a net purchase of 18.6 billion won.
Im Hwan-yeol of Woori Bank said, "The exchange rate is not showing a clear direction ahead of the FOMC," adding, "It is expected to move within a narrow range around 1,470 won."