The won-dollar exchange rate is fluctuating in the 1330s.
As of 9:13 a.m. on October 29, the exchange rate in the Seoul foreign exchange market is 1,338.1 won per dollar. The rate was trading at 1,342.0 won, up 4.3 won from the previous day's closing price.
The dollar's weakness following the U.S. Federal Open Market Committee (FOMC) meeting is attributed to increased demand for dollar purchases. The dollar index, which measures the dollar's value against six major currencies, fell by 0.18% to 102.113.
U.S. stock markets rose as investors digested the Federal Reserve's decision to hold interest rates steady and comments from Fed Chair Kevin Warsh. The Dow Jones Industrial Average closed up 97.53 points (0.19%) at 52,475.10.
The Standard & Poor's 500 index rose by 21.38 points (0.28%) to close at 7,743.98, while the Nasdaq Composite gained 72.04 points (0.27%) to finish at 26,549.85.
International oil prices rebounded amid rising geopolitical tensions in the region and potential military actions following the U.S. midterm elections. Brent crude for December delivery closed at $115.32 per barrel, up 1.26%, while West Texas Intermediate (WTI) for December delivery rose by 2.88% to $102.78 per barrel.
In early trading, foreign investors are showing a buying advantage in the domestic stock market, purchasing 358.2 billion won in the KOSPI.
The exchange rate, which surged into the 1340s overnight, is expected to drop back into the 1330s today. Min Kyung-won, an economist at Woori Bank, stated, "As the dovish interpretation of the Fed's FOMC meeting is absorbed as dollar weakness, we expect the rate to attempt to enter the 1330s."
He added, "The won, which was unable to chase the weak dollar due to a lack of offers in New York, is likely to rise alongside Asian currencies, indicating that downward pressure will prevail. The selling pressure from exporters, who are consistently responding with sell orders, could also contribute to an expanded decline."
* This article has been translated by AI.
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