The won-dollar exchange rate against the U.S. dollar closed at 1,529.7 won in weekly transactions on the 4th, but rose intraday to as high as 1,540.59 won in after-hours transactions. It is the first time the won-dollar exchange rate has exceeded 1,540 won since an intraday 1,561 won on Mar. 10, 2009, during the global financial crisis.
From the 15th to the day, the won-dollar exchange rate has stayed above 1,500 won for 13 consecutive trading days on a closing basis. It surpassed the 11 consecutive trading days recorded from Feb. 24 to Mar. 10, 2009. The longest record is 49 consecutive trading days from late Dec. 1997 to early Mar. 1998, during the foreign exchange crisis.
The won-dollar exchange rate finished 0.3 won lower than the opening level despite verbal intervention by Vice Premier and Minister of Economy and Finance Koo Yun-cheol. In the morning, Koo said regarding the won-dollar exchange rate, "We will take necessary measures immediately against excessive one-sided moves."
Koo said net selling of domestic stocks by foreign investors heightened exchange rate volatility. Foreign investors made net sales of more than 6.5 trillion won on the 2nd and more than 6.9 trillion won on the day. Net selling by foreigners fell from 43 trillion won in March to 5 trillion won in April but rose to 44 trillion won in May.