On the 22nd, the won-dollar exchange rate closed at 1,480.1 won per U.S. dollar, breaking through 1,480 won for the first time in eight months.
According to the Seoul foreign exchange market that day, the won-dollar exchange rate closed at 1,480.1 won, up 3.8 won from the prior session's weekly transaction closing price (3:30 p.m.). It is the first time the weekly transaction closing price has exceeded 1,480 won since Apr. 9 (1,484.1 won).
The exchange rate opened at 1,476.6 won, up 0.3 won from the previous session. Shortly after the open, the rate extended gains, topping 1,478 won at about 11:27 a.m., and breaking through 1,480 won at 12:13 p.m. The intraday high was 1,481.5 won, set at 12:38 p.m.
An expert said the exchange rate broadly rose today under the influence of onshore dollar demand. With exporters holding back dollars from the market on expectations of a higher exchange rate, importers bought more dollars, pushing the rate up.
Im Hwanyul, a researcher at Woori Bank, said, "Today's exchange rate was largely driven by dollar supply and demand," adding, "With no selling at the dollar's highs from investors, strong dollar buying for payments by importers and others lifted the rate."
Even a global dollar downturn failed to curb the exchange rate's climb as supply-demand factors exerted strong influence. According to Investing.com, the U.S. dollar index (DXY), which tracks the dollar against six major currencies, was at 98.61 as of 4 p.m. It had risen to 98.70 the previous day and is now falling.
By contrast, major currencies excluding the won strengthened. According to Investing.com, as of 3:52 p.m. the dollar-yen rate was down 0.26% from the previous day at 157.36 yen. The dollar-yuan rate was also down 0.01% at 7.0404 yuan.
Im said, "As the yen rebounded from its lows, the dollar weakened, but the won has failed to follow that trend," adding, "If no dollar selling emerges from exporters, the exchange rate could remain elevated through year-end."