Won Falls to 13-Month Low as Strong Demand Outweighs US Employment Surprise

The Korean won fell to a 1-year and 11-month low against the US dollar, despite strong US employment indicators exceeding market expectations.

The exchange rate dropped to 1,338.5 won per dollar around 9:30 am in the Seoul foreign exchange market on the 7th.

This marks the first time since October 4, 2024, that the won-dollar exchange rate has fallen below 1,330 won.

Compared to its recent peak of 1,559.2 won on July 1, the won has lost over 220 won in just two months.

The US non-farm payrolls for August increased by 162,000 from the previous month, significantly outperforming expert expectations of a 53,000 increase.