Won Slips Below 1,380 Against Dollar in South Korea
The South Korean won strengthened against the US dollar on September 21st, with the exchange rate dipping to 1,381 won at 3:30 p.m. This represents a 0.16% decrease from the previous trading day's close of 1,383.2 won.
The rate remained relatively stable throughout the day, with minimal volatility due to offsetting buying and selling interest in the foreign exchange market. Importers purchasing raw materials from overseas are increasingly likely to buy back dollars to secure funds for payments, contributing to the strengthening of the dollar.
Investors' demand to exchange into dollars also played a significant role in pushing the rate higher. According to Korea Securities Depository (KSD), domestic investors made a net purchase of $1,118.88 million in US stocks from September 14th to September 18th. This growth in demand led to an increase in dollar exchanges by 'Seohak ants,' individual investors who invest in overseas stocks.