The won-dollar exchange rate surpassed 1500 won for the first time in over a month.
As of 2:50 PM on May 15, the exchange rate in the Seoul foreign exchange market stood at 1504.7 won per US dollar. The rate opened at 1494.2 won, up by 3.2 won from the previous session, and continued to rise throughout the afternoon.
This marks the first time the rate has exceeded 1500 won since April 7.
The strengthening of the dollar is interpreted as a response to growing global inflation concerns. The dollar index, which measures the dollar's value against six major currencies, rose by 0.31% to 99.19 compared to the previous trading day.
In April, the U.S. Producer Price Index (PPI) increased by 6.0% year-on-year, the highest rate since December 2022, largely due to soaring energy prices.
Additionally, the Consumer Price Index (CPI) for April showed a 3.8% increase from the previous year, marking the largest rise in nearly three years, further heightening inflation fears.
The depreciation of the won appears to be influenced by foreign selling. As of 2:54 PM, foreign investors had net sold 5.8553 trillion won in the stock market.
* This article has been translated by AI.
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