Forex rate surpasses 1,360 won per dollar

The won-dollar exchange rate has skyrocketed to surpass the 1,360 won-per dollar mark. The Japanese yen-dollar exchange rate also surpassed the 140-yen mark to reach the highest level in 24 years as the dollar has continued to strengthen in the global market.

In the Seoul forex market on Friday, the won-dollar exchange rate closed at 1,362.6 won on Friday, up 7.7 won to the dollar from Thursday. The rate thus hit the highest level in 13 years and five months since April 1, 2009 (1,379.5 won) during the Great Recession. The forex rate momentarily reached 1,363 won during the trading hours on Friday.

The strengthening of the dollar in recent weeks results from US Federal Reserve chairman Jerome Powell’s remarks heralding robustly contractionary monetary policy at a Jackson Hole meeting, a symposium on economic policy, on last Friday.


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