The won-dollar exchange rate against the U.S. dollar finished weekly transactions at 1,498.5 won at 3:30 p.m. on the 8th. That was down 29.7 won (1.94%) from the previous trading day's weekly transaction closing price.
Based on the weekly transaction closing price, the rate fell below 1,500 won for the first time since May 14. From May 15 through the previous day, the rate stayed above 1,500 won for 36 trading days in a row. It was the second-longest stretch after the foreign exchange crisis (49 consecutive trading days).
The rate opened transactions at 1,516.5 won at 6 a.m. It rose to 1,522.5 won around 9 a.m., but soon reversed lower and trended down until weekly transactions ended. Just before the close, around 3:29 p.m., it fell to as low as 1,498.1 won. It then climbed back to 1,500.1 won.
The day's decline in the rate is seen as due to SK hynix's issuance of American depository receipts (ADR). If foreigners can trade SK hynix shares on Nasdaq, it has the effect of supplying dollars to the Seoul foreign exchange market. However, if the rate falls on the listing day, losses are possible. For this reason, transactions selling dollars and buying won at the current rate are being carried out, pulling the rate down.
There is also a view that the won could strengthen ahead. An official at the foreign exchange authorities said, "There are more transactions outside the Seoul foreign exchange market betting on a stronger won," and noted, "With talk of coordination between Japan and Korea, foreigners appear to be cautious about the exchange rate."