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Forex

Korean Won Reaches 17-Year Low Amid Global Market Volatility

Guavy AI Editorial Team
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USD
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The Korean won's real effective exchange rate (REER) dropped to its lowest level since March 2009 in June, according to data from the Bank for International Settlements.

The REER measures a currency's value against major trading partners after adjusting for inflation and serves as a gauge of international price competitiveness.

The won's weakening came as it traded at its weakest level in over 17 years, with one US dollar equivalent to 1,555 Korean won on June 30.

The decline was attributed to heavy foreign selling of South Korean stocks and strong demand for the US dollar from domestic investors, leading to a nearly 6 percent drop in Seoul stocks on Friday.

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