The won-dollar exchange rate, which had fallen to a record low the previous day, is now fluctuating in the 1340s.
As of 9:07 a.m. in the Seoul foreign exchange market, the exchange rate stands at 1340.4 won against the U.S. dollar. The rate was recorded at 1346.7 won, down 6.2 won, as of 6 a.m. today.
The U.S. stock market was closed on September 7 in observance of Labor Day. International oil prices have risen due to attacks on Saudi Arabia's state-owned oil company Aramco and escalating military tensions between the U.S. and Iran.
Brent crude for November delivery rose 1.5% to $97.73 per barrel, reaching a high of $97.93 during the session, the highest since July 23. West Texas Intermediate (WTI) crude also increased by 1.8% to $93.10 per barrel, marking its highest level since late July.
The exchange rate is expected to decline slightly. Min Kyung-won, an economist at Woori Bank, stated, "The dollar's selling pressure and concerns about the yen's strength are likely to exert downward pressure on the exchange rate. Additionally, the influx of payment funds due to strong semiconductor exports, along with large orders from shipbuilding and heavy industry, is contributing to increased dollar supply at the beginning of the month."
He added, "Concerns about further declines in the exchange rate are triggering panic selling, which may accelerate the downward trend. The yen's strength is also a variable affecting the sentiment towards the won, and the possibility of coordinated intervention by the U.S. and Japan is consistently mentioned. Given the authorities' intent to strengthen the yen, if the yen continues to appreciate, the won may also follow suit."
* This article has been translated by AI.
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