On the 23rd, the won-dollar exchange rate closed weekly trading at 1,483.6.
In the Seoul foreign exchange market that day, the weekly closing price of the won-dollar rate (as of 3:30 p.m.) was 1,483.6 won, up 3.5 won from the previous day. On a weekly closing basis, it is the record high since Apr. 9, when it was 1,484.1 won.
The rate opened at 1,480 won, down 0.1 won from the previous day, and then rose throughout the session. It broke through 1,483 won at 9:16 a.m., and climbed to 1,484.3 won at 12:07 p.m. It then held in the 1,484-won range before edging down just before the close.
Experts cited increased dollar buying by importers as the driver behind the recent uptrend in the rate. Importers often buy dollars immediately to meet payment schedules, making them sensitive to exchange-rate moves. In particular, when the won remains weak, they tend to see small pullbacks in the rate as buying opportunities and purchase dollars.
Limited dollar selling by exporters, who supply foreign currency to the market, is also adding upward pressure on the rate. Exporters typically convert dollars into won ahead of year-end settlement of account, but with the rate steadily rising recently, some are holding on to dollars in anticipation of further gains.
By contrast, major currencies are strengthening. According to Investing.com, as of 4 p.m. that day, the dollar-yen rate was 156.07 yen, down 0.64% from the previous day, and the dollar-yuan rate was 7.0288 yuan, down 0.11%. The euro-dollar (the dollars needed to buy 1 euro) was up 0.14% at $1.1774.
The dollar itself is on a weaker trend. The U.S. Dollar Index (DXY), which measures the dollar against six major currencies, was at 98.10, down 0.18% from the previous trading day and 0.06% from a week earlier.
Im Hwan-yeol of Woori Bank said, "With no effective measures from the foreign exchange authorities, supply-demand imbalances are persisting and the exchange rate is continuing to rise," adding, "For the rate to stabilize, there needs to be dollar selling strong enough to offset importers' payment demand, but selling is so dried up that it's difficult."