Won Falls to 13-Month Low Against Dollar as Exporters Unload Cash

The South Korean won strengthened against the US dollar on August 31st, closing at its lowest point in 13 months. The exchange rate finished weekly trading at 1,368.6 won, down 3.9 won (0.28%) from the previous day's close.

This was the first time since July 24th last year that the rate closed below 1,367.2 won, a level it had not seen in over a year.

The decline in the rate is attributed to major exporters selling dollars they hold, which strengthens the won and lowers the exchange rate.