The won-dollar exchange rate against the U.S. dollar closed at 1,507.8 won on the 19th, up 7.5 won from the previous trading day. It was the highest since on the 2nd of last month (1,519.7 won).
The won-dollar exchange rate opened at 1,493.8 won, down 6.5 won, but turned higher immediately after the open. In the afternoon, the gains widened and it topped 1,500 won. Based on the closing price, it has stayed above 1,500 won for three trading days in a row from the 15th to the day.
The rise in the won-dollar exchange rate is seen as stemming from net selling of domestic stocks by foreigners. When foreigners sell domestic stocks in large amounts and exchange the proceeds into dollars, dollar demand expands and the won-dollar exchange rate rises.
The KOSPI index closed at 7,271.66, down 3.25% from the previous trading day. Foreign investors were net sellers of 6.2622 trillion won. Foreigners have been net sellers for nine consecutive trading days from the 7th to the day. The net selling amount for the 1st to the 18th of this month alone is close to 30 trillion won. Considering that net selling from Jan. 1 to Apr. 30 was $46.01 billion (69.33 trillion won), about 100 trillion won has already flowed out.
Demand for currency exchange for overseas stock investment was also analyzed to be steady. On the 14th, the Standard & Poor's (S&P) 500 index and the Nasdaq index hit a record high, and the New York stock market is also showing an upward trend.