On the 30th, the won-dollar exchange rate rose by nearly 10 won from the previous day to finish the year's last weekly transaction (9 a.m.–3:30 p.m.) at 1,439 won. As a result, the annual average exchange rate based on the weekly transaction closing price for this year was 1,422 won, surpassing 1998 (1,394.97 won) during the foreign exchange crisis to set a record high.
That day in the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,433.5 won, up 3.7 won from the previous day. After the open, the rate steadily climbed, tracing an upward-sloping curve until 3:30 p.m., when the weekly transaction ends. Just before the market close, it jumped sharply and finished the transaction at 1,439.0 won, up 9.2 won from the previous day.
From on the 24th through the previous day, the won-dollar exchange rate closed lower for three straight trading days. In particular, the rate fell to 1,429.8 won the previous day, the lowest since on the 3rd of last month (1,428.8 won). But it is rebounding that day. On this, Park Sang-hyun of IM Securities said, "(Today's rise in the won-dollar exchange rate) appears to be the result of bargain hunting after a recent short-term plunge," adding, "It is interpreted as bottom fishing."
When the won-dollar exchange rate broke through the 1,480-won level, the Ministry of Economy and Finance and the Bank of Korea (BOK) on the 24th rolled out three tax relief measures to stabilize the foreign exchange market. The Ministry of Economy and Finance and the BOK also issued verbal intervention remarks, saying, "An excessive weakening of the won is not desirable," and, "You will soon see the government's strong resolve and capacity to execute policy."
Thanks to this, from that day for three trading days the won-dollar exchange rate fell by 55.1 won. However, because the rate has stayed consistently high over the past three months, the annual average exchange rate for this year ended up setting a record high.