Won Falls Against Dollar Amid Exporter Selling and Rising Oil Prices

The South Korean won exchange rate fell against the US dollar at the end of the week due to export companies selling dollars they hold. The won-dollar rate finished weekly trading at 1,356.7 won on September 29th, down 8.4 won (0.61%) from the previous day's close.

The rate had opened at 1,357 won and rose to a high of 1,361.7 won in the morning, but then fluctuated between 1,361 won and 1,357 won before slipping to a low of 1,355.3 won at around 3:05 p.m.

Experts attribute the decline in the rate to dollar selling by exporters, particularly those in the semiconductor industry, as the quarter ends. Min Kyung-won of Woori Bank said that 'dollar selling by exporters has been steadily flowing in as the quarter ends.'