Dollar-won 1,498.50closes at the won level…enters the 1,400won range on expectations of SK hynix funds
8The dollar-won exchange rate 1,498.50closed at 5 won, falling below the 29 won level for the first time since 1,400 month. Expectations of fund inflows related to SK hynix’s ADR listing, forward-dollar selling, and market caution over smoothing operations by the foreign exchange authorities were seen as the key factors in the session.
8The dollar-won exchange rate traded at 1,498.50 won at the close of the Seoul session, falling below the 5 won level for the first time since 29 month. A shift by foreign investors to net buying during the session was observed.1,400The dollar-won exchange rate traded at won at the close of the Seoul session, falling below the won level for the first time since month. A shift by foreign investors to net buying during the session was observed.
In New York trading, as of 8:47 p.m., the dollar-won was trading at 17.00 won, down 1,511.20 won from the previous session. In London trading, it traded at 1,511.90 won, retracing part of its decline due to remarks by Trump.
In the Seoul session, expectations of fund inflows following SK hynix’s listing of American Depositary Receipts (ADRs) and the emergence of forward-dollar selling by SK hynix were cited as the reasons for the expanded decline. Market participants also mentioned concerns over smoothing operations (fine-tuning) by the foreign exchange authorities.
In the afternoon, as long stop-loss orders poured in, the dollar-won exchange rate1,508.90fell to as low as1,522.50Meanwhile, in the morning, it at one point rose to as high as, in line with the strength of the global dollar.
Overnight, news emerged that ships had been attacked near the Strait of Hormuz,3and statements related to the Reserve Bank of New Zealand were also cited as a factor in market volatility. Overall, fund flows related to SK hynix and movements by the foreign exchange authorities were central to the day’s exchange-rate moves.
Sources: 연합인포맥스
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