As of 9 a.m. on the 23rd, the won-dollar exchange rate stood at 1,476.6 won per U.S. dollar. It fell 3.5 won from the previous trading day's weekly transaction closing price.
It is interpreted as the impact of Alphabet, Google's parent company, reporting quarterly results overnight that beat market expectations. Min Kyung-won of Woori Bank said, "Google's earnings release and other factors restored appetite for risk assets in the market." When more investors seek to invest in risk assets, the won, which is not a key currency, tends to strengthen.
According to Alphabet's filing on the 22nd (local time), the company's second-quarter revenue was $119.8 billion (about 177 trillion won). That was up 24% from the second quarter of last year. It also exceeded the market forecast of $116.9 billion compiled by the market research firm London Stock Exchange Group. Google's results were driven by cloud. Google Cloud's revenue was $24.8 billion (about 37 trillion won), up 82% from a year earlier.
The fact that foreigners are net buyers in the domestic stock market on the 23rd is also seen as contributing to the decline in the won-dollar exchange rate. As of today, foreigners are net buying 706.8 billion won in the stock market. As a result, the Korea Composite Stock Price Index (KOSPI) reclaimed the 7,000 level at about 9:10 a.m.