▲ The real-time KRW/USD exchange rate is displayed at a currency exchange counter at Incheon International Airport on the 9th, as the high exchange rate persists amid expectations of U.S. interest rate hikes and uncertainty over the end of the U.S.-Iran conflict.
The KRW/USD exchange rate fell by more than 20 won today (the 9th), dropping below 1,510 won during intraday trading, driven by the foreign exchange authorities' commitment to market stability.
In the Seoul foreign exchange market, the daytime closing price of the won against the U.S. dollar (as of 3:30 p.m.) was recorded at 1,512.1 won, down 22.9 won from the previous trading day.
This marks the lowest level since the 1st (1,504.3 won).
The exchange rate opened at 1,529.4 won, down 5.6 won, and narrowed its decline to 1,533.0 won before changing direction and falling to as low as 1,509.0 won at one point in the afternoon.
The exchange rate closed lower for the second consecutive day of daytime trading, following a 4.1 won drop the previous day.
The decline on this day was the largest in two months since April 8 (down 33.6 won).
However, it has maintained the 1,500 won range for 16 consecutive trading days.
The foreign exchange authorities' determination to manage the exchange rate drove the downward trend.
The Ministry of Economy and Finance announced this afternoon that relevant agencies plan to conduct on-site inspections and investigations soon to determine if there have been any speculative trades or market-disturbing activities in the foreign exchange market.
Yesterday, when the exchange rate rose to the 1,550 won level per dollar around 11:45 a.m., the foreign exchange authorities issued a message stating that they would never tolerate excessive volatility or one-sided movements that deviate from fundamentals and would respond strongly.
On the 7th, they also held an emergency "F4" meeting on market conditions and announced that they would strictly respond to speculative trading.
With the successive interventions by foreign exchange authorities, the exchange rate appears to be retracing its recent steep gains.
It appears that selling volume from exporters has also flowed in, as the authorities announced they would investigate whether export companies were excessively delaying the receipt of payments to capitalize on the rising exchange rate, and as the exchange rate was perceived to have risen significantly.
The foreign exchange hedging demand from the National Pension Service, a major player in the foreign exchange market, also acted as a factor pulling down the exchange rate.
Geopolitical risks also eased somewhat as Iran and Israel, which had been exchanging military strikes, declared a halt to attacks, which helped lower the exchange rate.
The dollar index, which measures the value of the dollar against the currencies of six major countries, was recorded at 99.863 as of 3:30 p.m.
It fell below 100, down 0.23 from the reference price at the same time on the previous trading day.
The KOSPI jumped 8.18% to recover the 8,000-point level, but foreigners continued their net selling streak for the 22nd consecutive trading day, selling off over 2 trillion won in stocks again today.
As of 3:30 p.m., the KRW/JPY cross rate was 944.21 won per 100 yen, down 13.25 won from the reference price at the same time on the previous trading day (957.46 won).
The JPY/USD exchange rate was 160.119 yen, down 0.20 yen.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.