The won-dollar exchange rate against the U.S. dollar finished weekly transactions at 1,419.4 won at 3:30 p.m. on the 13th, up 3.7 won (0.26%) from the prior session's weekly close.
The rate opened at 1,417.5 won and fell to as low as 1,410.8 won around 9:30 a.m. Around 3:27 p.m., it jumped to 1,420.7 won, then ended weekly transactions slightly lower.
With this, the rate has held in the 1,410-won range for five straight trading days based on the weekly close, on the 7th. However, after weekly transactions ended, the gains widened and it climbed to 1,426 won around 3:49 p.m. It broke above the prior session's high (1,419 won), indicating a possibility of returning to the 1,420-won range.
This trend is seen as stemming from expectations that the Federal Reserve (Fed) could raise its benchmark interest rate. The U.S. consumer price index in July rose 3.4%, slower than the previous month but still above the Fed's 2% target. If the United States raises rates, the dollar tends to strengthen and the exchange rate rises.
Rising global oil prices are also weighing on the exchange rate. Brent crude futures, the global oil benchmark, were $88.98 a barrel, up 0.1% from the prior session, as talks over the Strait of Hormuz are facing difficulties.