[Digital Today reporter Ji-young Lee] The won-dollar exchange rate fell into the 1,300 won range for the first time in about 10 and a half months.
In Seoul’s foreign exchange market on the 19th, the won-dollar exchange rate was 1,399.0 won around 12:02 p.m.
It was the first time the exchange rate fell below 1,400 won since it hit 1,399.5 won on Oct. 2 last year.
The exchange rate opened at 1,413.3 won on the day and extended its decline.
Recent U.S. retail sales, the consumer price index (CPI) and the producer price index (PPI) came in below market expectations, weakening expectations for additional rate hikes by the Fed and pushing the dollar lower.
As the likelihood of a U.S. Federal Reserve (Fed) rate hike in September weakened, exporters’ dollar-selling added to the move.
Steady selling by exporters, centered on semiconductor companies and others, appeared to support a stronger won.
The won-dollar exchange rate closed at 1,397.7 won, down 14.1 won on the day, marking its lowest level in 11 months.
Ji-young Lee
ljy@d-today.co.kr