The won-dollar exchange rate against the U.S. dollar closed weekly trading at 1,484.7 won at 3:30 p.m. on the 15th. That was down 8.3 won (0.55%) from the previous trading day's weekly closing price.
The rate opened at 1,490 won at 6 a.m., then fell to 1,488 won at 9 a.m. Around 11:17 a.m., it rose to 1,492.7 won, but then reversed lower and the weekly transaction ended in the 1,480-won range.
The decline in the rate is seen as the effect of SK hynix's listing of American depositary receipts (ADR). According to foreign exchange authorities, SK hynix sold part of the $26.5 billion it raised through the ADR listing on the morning of the day. When SK hynix sells dollars, the won strengthens, pushing the rate lower.
Net buying of domestic stocks by foreign investors also affected the rate. When foreigners exchange dollars for won to buy domestic stocks, the rate tends to fall. Foreigners were net buyers of 2.68 trillion won in the main bourse on the day, following the previous day. That was the largest in two months since May 6 (3.1096 trillion won).
Expectations for a U.S. benchmark rate hike also narrowed. U.S. consumer prices in June rose 3.5% from a year earlier, lower than the 3.8% forecast. If the United States does not raise rates, the value of emerging-market currency such as the won can also rise.