Forex
Won Surges to Largest Monthly Gain Since Global Financial Crisis
The Korean won experienced its largest monthly gain since March 2009 in July, appreciating by 8.81% against the US dollar.
The USD/KRW exchange rate fell to 1,424.0 won per dollar on July 31, down from 1,549.4 won at the end of June, a decline of 125.4 won.
Analysts attribute the won's strength to improved dollar supply conditions and expectations of a narrowing U.S.-Korea rate gap.
As the exchange rate fell, individual investors rushed to buy dollars, with personal currency exchange at major commercial banks increasing by 74% from June.