The won-dollar exchange rate closed at 1,445.5 won on the 19th. It rose 0.6 won from the prior transaction day.
The won-dollar exchange rate opened at 1,451 won, up 6.1 won from the prior transaction day. Ahead of the close of weekly transactions (9 a.m.–3:30 p.m.), it pared gains and finished trading in the 1,440-won range.
The rise in the won-dollar exchange rate is seen as being due to the impact of some Commissioners mentioning the possibility of a rate hike in the minutes of the Federal Open Market Committee (FOMC) meeting released overnight. A U.S. benchmark rate hike can lead to higher revenue on dollar assets, which can be a factor strengthening the dollar.
According to the minutes of the Jan. 27–28 FOMC meeting released overnight by the U.S. Central Bank, the Federal Reserve, some Commissioners mentioned a rate-hike scenario. The minutes said several Commissioners "could support the Committee providing two-sided communication about the outlook for policy decisions, reflecting that it could be appropriate to adjust the target range for the federal funds rate higher if inflation were to remain above the target."
Min Kyung-won, a researcher at Woori Bank, said, "Market wariness over export companies' negotiation (dollar-selling) supply is a factor limiting the upside of the exchange rate."