The won-dollar exchange rate has remained above 1410 won for the fifth consecutive day.
As of 9:37 a.m. on August 13, the exchange rate in the Seoul foreign exchange market was 1411.9 won per U.S. dollar. The rate was trading at 1418.5 won, up 2.8 won from the previous day's closing price as of 6 a.m.
The slight increase is attributed to the strength of the dollar due to rising international oil prices and regional demand. The dollar index, which measures the value of the dollar against six major currencies, rose by 0.187% to 100.00.
International oil prices increased amid stalled negotiations regarding the resumption of shipping through the Strait of Hormuz and forecasts of declining crude oil demand.
September futures for West Texas Intermediate (WTI) crude rose by 0.08% to $83.27 per barrel, while October futures for Brent crude also increased by 0.08% to $88.98 per barrel. The rise was limited by an unexpected increase in U.S. crude oil inventories.
Overnight, the New York stock market closed mixed, despite the U.S. Consumer Price Index (CPI) for July meeting expectations.
The Dow Jones Industrial Average finished down 21.58 points (-0.04%) at 53,770.27. The S&P 500 index rose by 20.30 points (0.26%) to close at 7,748.50, while the Nasdaq Composite index increased by 143.04 points (0.54%) to finish at 26,588.49.
The exchange rate is expected to face upward pressure. Min Kyung-won, an economist at Woori Bank, stated, "Given the persistent bets on interest rate hikes by the Federal Reserve and local demand for purchases, we anticipate a rise centered around the upper 1410 won range."
* This article has been translated by AI.
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