The won-dollar exchange rate is trading in the upper 1480s.
As of 10:37 a.m. in the Seoul foreign exchange market, the exchange rate is 1,489.9 won per U.S. dollar. This marks a decrease of 12.9 won from the previous day's closing price of 1,490.5 won, recorded at 6 a.m.
The decline in the exchange rate appears to be linked to U.S. inflation indicators falling below expectations.
In June, the U.S. consumer price index (CPI) rose 3.5% compared to the same month last year. This increase is slower than May's rate of 4.2% and below the Dow Jones estimate of 3.8%. Month-over-month, it decreased by 0.4%.
On Wall Street, stocks rose overnight as inflation concerns eased. The Dow Jones Industrial Average closed up 9.63 points (0.02%) at 52,508.27.
The S&P 500 index increased by 28.25 points (0.38%) to finish at 7,543.59, while the Nasdaq Composite rose by 233.83 points (0.90%) to close at 26,107.01.
The dollar index, which measures the value of the dollar against six major currencies, fell 0.34% to 100.93.
International oil prices rose amid ongoing tensions between the U.S. and Iran over control of the Strait of Hormuz. September futures for Brent crude increased by 1.72% to $84.73 per barrel.
August futures for West Texas Intermediate (WTI) crude closed up 1.54% at $79.34 per barrel.
Analysts expect the exchange rate to decline due to the influx of real demand for the won. Min Kyung-won, an economist at Woori Bank, stated, "The weaker dollar triggered by U.S. inflation data falling short of expectations, along with a recovery in risk appetite for tech stocks and the influx of export company negotiations, is expected to lead to a decline. We anticipate that significant negotiation volumes, likely from semiconductor companies following heavy industry, will drive the rate below 1,500 won."
* This article has been translated by AI.
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