With the Seoul foreign exchange market open 24 hours on the 6th, the won-dollar exchange rate closed at 1,530.3 won per U.S. dollar. It rose 4.7 won from the previous trading day.
The Seoul foreign exchange market saw transactions begin at 6 a.m. that day. As operating hours expanded to 24 hours, the start time for transactions was moved up by three hours from 9 a.m. Now the won can be transacted at any time from 6 a.m. Monday to 6 a.m. Saturday.
The won-dollar exchange rate opened at 1,537.6 won, up 2 won from the previous trading day. It then climbed to 1,537.5 won around 9:09 a.m., fell to 1,526.7 won around 10:11 a.m., about an hour later, and then turned higher again, topping 1,535 won to end the week's trading.
The won-dollar exchange rate has stayed above 1,500 won for 35 trading days in a row from May 15 through the day. It is the longest stretch since the foreign exchange crisis (49 consecutive trading days). If this continues through the end of the month, it will set a new all-time record. Foreign exchange authorities decided to keep 3:30 p.m. as the representative closing price for the won-dollar exchange rate through this year without change.
The latest rise in the won-dollar exchange rate is seen as due to net selling of domestic stocks by foreign investors. When foreigners sell domestic stocks and convert the proceeds into dollars, dollar demand expands and the won-dollar exchange rate rises. Some observers say foreigners have finished rebalancing in the domestic stock market, but the selling continues.
Foreigners sold more than 1.3 trillion won that day after 2.3 trillion won on the 3rd. Net selling in the first half of the year exceeded 149 trillion won.