The won-dollar exchange rate overnight 1,560won breach, highest since the global financial crisis
The dollar-won exchange rate exceeded 1,560won in overnight trading, reaching its highest level since the global financial crisis. Strong U.S. employment and large-scale foreign selling triggered the rise in the exchange rate.
The dollar-won exchange rate exceeded 1,560won in overnight trading, reaching its highest level since the global financial crisis. This high was observed in overnight trading early on 6day. The level was immediately reflected in trading sentiment once it was confirmed in the market.
Previously, on 5day, overnight trading saw the exchange rate rise as high as 1,555.5won. The won-dollar rate had already moved sharply that day, and trading by foreign-exchange market participants was concentrated. Volatility continued during overnight hours.
Market participants cited strong U.S. employment data and large-scale foreign selling as the main factors behind the rise in the exchange rate. Foreign investors recorded selling worth trillions of won for consecutive days, adding to pressure for the won to weaken. Changes in U.S.-side supply and demand had a direct and indirect impact.
At trading venues across the country, notices displaying exchange rates were repeatedly posted at bank counters. Exchange-rate listings were updated at Hana Bank’s Myeongdong Financial Center and other locations. Currency exchange and position management at banks and securities firms were busy.
In the Seoul foreign-exchange market’s intraday trading, volatility also expanded in the wake of the overnight surge. Demand from investors and companies to check their foreign-exchange exposure increased.7The exchange rate also remained at a high level in overnight trading.
Sources: 매일경제 증권
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