Won-Dollar Exchange Rate Sees Brief Dip Before Rebound

The Korean won-dollar exchange rate dropped to around 1,340 won in early trading on the 23rd but rebounded towards 1,360 won due to bargain-hunting purchases and expectations of additional tightening by the Federal Reserve.

According to the Seoul foreign exchange market, the closing price for the won against the U.S. dollar at 3:30 p.m. was 1,358.4 won, up 0.2 won from the same time the previous trading day.

The exchange rate started trading at 1,355.0 won and fell to 1,347.1 won around 9:26 a.m., but subsequently reversed direction.

This marks the first time in six trading sessions since the 15th that the exchange rate has fallen into the 1,340 won range during intra-day trading.