The won-dollar exchange rate against the U.S. dollar was 1,415.7 won as of 9 a.m. on the 13th. That was down 0.9 won (0.06%) from the previous transaction day's weekly closing price.
There is an outlook that the rate could rise today. Although the rate has been falling rapidly recently, talks over the Strait of Hormuz are struggling and international oil prices are trending higher. Brent crude futures, the benchmark for international oil prices, rose 0.1% from the previous transaction day to $88.98 a barrel.
Also, the U.S. consumer price index for July rose 3.4% from a year earlier, matching expectations, but the possibility of an interest rate hike by the Federal Reserve (Fed) remains. If the United States raises rates, the dollar could strengthen and the exchange rate could rise.
Demand for dollars from importers buying raw materials overseas is continuing. As the rate fell, they judged it an opportunity to buy dollars on the cheap. The currency exchange demand of Korean retail investors trading U.S. stocks is also one of the key variables.
Min Kyung-won of Woori Bank said, "There is still caution surrounding talks between the United States and Iran," and noted, "Overall, upward pressure on the exchange rate is expected to prevail."
However, the fact that major exporting corporations such as SK hynix are selling dollars they hold is cited as a factor for a lower rate. Many assess that the recent downtrend in the rate is also due to exporting corporations.