Won Surges Over 9 Percent Against Dollar Amid Weak Rate Hike Expectations

The South Korean won has made significant gains against the U.S. dollar over the past month, rising by more than 9 percent.

This is the highest gain among major currencies, and it's largely due to weak expectations of a U.S. interest rate hike and improved supply and demand in the domestic foreign exchange market.

The won-dollar exchange rate has fallen from 1549.4 won at the end of June to 1,416 won on July 11th, indicating a rise in the value of the won against the dollar.

In comparison, other major currencies have seen more modest gains: the Mexican peso appreciated by 2.4 percent, the Japanese yen by 2.1 percent, and the British pound by 1.8 percent.