Won Falls as Exporters Sell Dollars Amid US-Iran Tensions

Korea's major export corporations have been selling dollars they hold, pushing down the won exchange rate against the US dollar. The won-dollar rate finished weekly trading at 1,356.7 won on September 29th, falling 8.4 won (0.61%) from the previous day's close.

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

According to Min Kyung-won of Woori Bank, dollar selling by exporters, particularly in the semiconductor sector, has been increasing as the quarter ends.