Korean Won Hits Near Two-Year High on Exporter Dollar Sales

The South Korean won has reached its highest level against the U.S. dollar in nearly two years, driven by local exporters converting their dollar holdings into the local currency.

The won was trading at 1,340.5 per dollar on Monday, up 9.9 won from the previous session's close and marking a high of 1,334.7 per dollar earlier in the day, its strongest level since October 4, 2024.

This rebound comes despite expectations of a U.S. interest rate hike following strong jobs data, but the won pared some gains after news that the state-run National Pension Service had halted its foreign exchange hedging operations.