Won Tumbles Below 1,300 Range Amid Fed Rate Expectations

The Korean won's exchange rate against the US dollar has reached its lowest point in over 10 months, hitting the 1,300 range. The latest development comes as expectations mount that the US Federal Reserve will maintain its benchmark interest rate unchanged.

This move is partly attributed to increased selling of dollars by exporters, which has further contributed to the won's decline. As a result, the won traded at 1,399 per dollar in Seoul's foreign exchange market on Wednesday, down from an opening rate of 1,413.3 won.