The won-dollar exchange rate is fluctuating in the 1410 won range.
As of 9:15 a.m. in the Seoul foreign exchange market, the exchange rate stands at 1,411.6 won against the U.S. dollar. Earlier, at 6 a.m., the rate was trading at 1,407.9 won, down 8.3 won from the previous day's weekly closing price.
This decline is attributed to disappointing U.S. employment figures, which have reduced expectations for interest rate hikes by the Federal Reserve. However, uncertainty surrounding the opening of the Strait of Hormuz has led to a slight increase in the dollar's value. At the same time, the dollar index, which measures the dollar's value against six major currencies, rose by 0.09% to 99.63 as of 8:55 a.m.
International oil prices are on the rise. As of 8:23 a.m., October Brent crude futures increased by 0.90% to $84.30 per barrel, while September West Texas Intermediate (WTI) crude futures rose by 0.70% to $78.73 per barrel.
The New York stock market is also feeling the effects. At the same time, Dow Jones Industrial Average futures fell by 0.18%, while S&P 500 and Nasdaq 100 futures decreased by 0.11% and 0.06%, respectively.
In the domestic market, foreign investors are in a selling position. In the securities market, foreign investors have net sold 323 billion won.
The exchange rate is expected to widen its decline during the trading session. Min Kyung-won, an economist at Woori Bank, stated, "The won is testing the support level of 1,410 to 1,420 won, which held firm during last year's decline, and this early test is likely to attract offshore short plays, increasing the decline during the session."
* This article has been translated by AI.
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