Dollar-won 1,555.20after hitting won 1,549.70fluctuating at won
8day, in Seoul's foreign exchange market, the dollar-won exchange rate traded 10.60won higher at 1,549.70won. It surged to 1,555.20won early in the session before its gain narrowed somewhat as volumes believed to be from the authorities flowed in. Circuit breakers and sidecars were triggered after sharp declines in the KOSPI and KOSDAQ.
8day, in Seoul's foreign exchange market, the dollar-won exchange rate is trading 10.60won higher at 1,549.70won. The market showed significant volatility during the morning session. Intraday fluctuations were large as investor trading became concentrated.
Early in the session, it surged to 17the highest level in years at 1,555.20won. The gain subsequently narrowed somewhat. Buying pressure appeared to ease as volumes believed to be from the authorities flowed in.
Shortly after the opening, the KOSPI and KOSDAQ plunged more than 8%, triggering circuit breakers and sidecars. The sharp decline in equities heightened risk aversion. Risk aversion put upward pressure on the exchange rate.
Global dollar flows also influenced exchange-rate movements. Dollar strength in major overseas markets was reflected in the domestic exchange rate. Volatility widened as foreign-exchange supply and demand overlapped with global trends.
During the morning session, 1,550the exchange rate fluctuated below the won line. Repeated intraday surges and corrections were a notable feature. The market is watching whether additional selling pressure from the authorities will enter the market, along with overseas trends.
The trend after the morning session may vary depending on the balance between buying and selling around the market close. Relevant disclosures are scheduled to be announced at a later date. Investors need to pay attention to short-term volatility.
Sources: 연합인포맥스
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