South Korean Won Hits 13-Month High Against US Dollar Amid Exporter Selling

The South Korean won has reached its strongest level against the US dollar in nearly 13 months, driven by exporters selling off dollars. On August 31st, the won was quoted at 1,368.6 per dollar at 3:30 pm, up 3.9 won from the previous trading session's close.

This marks the highest point for the won since July 24th last year. Despite hawkish remarks from Federal Reserve Chair Kevin Warsh about potential interest rate hikes to combat inflation risks, the won continued its steady advance.

Moon Jeong-hee, an economist at KB Kookmin Bank, attributed the won's appreciation to dollar-selling and a net inflow of foreign funds.