Won Posts Record Quarterly Gain Amid Aggressive Dollar Selling

The South Korean won has posted its fastest quarterly gain among major currencies in Q3, according to recent data. The won-dollar exchange rate closed at 1,559.9 won on July 1 and 1,344.1 won on the 11th of this month, resulting in a 15.41% appreciation of the won against the dollar.

This gain is about three times that of the Japanese yen's 5.84% appreciation, and outpaced the Australian dollar (4%), the Canadian dollar (2.48%), and the euro (1.93%).

According to Moon Daun, a researcher at Korea Investment & Securities Co., aggressive dollar selling by exporters and dollar weakness driven by a sharp yen rally contributed to breaking the 1,340-won floor for the exchange rate.