The exchange rate fell 9.6 won on the weak dollar… 1107 won deadline

Input 2021.02.10 16:19

Won-dollar exchange rate lowest in 10 trading days

The won-dollar exchange rate fell close to 10 won a day before the Lunar New Year holidays. This is the result of the combination of the weakening global dollar and rising KOSPI.

On the 10th, the won-dollar exchange rate in the Seoul foreign exchange market ended at 1107.0 won, down 9.6 won from the previous trading day. This is the lowest level in 10 trading days since the 27th of last month (1104.4 won). The exchange rate, which started at 1111.0 won, which fell by 5.6 won on the day, fell to 1106.6 won at 3:29 pm, just before the close of the market, increasing the drop during the intraday.

As the dollar weakened last night, the won-dollar exchange rate was expected to decline. The dollar index compared to the currencies of six major countries was 90.45 the previous day (local time), down 0.54% from the previous trading day. This is due to the slight decrease in the number of new coronavirus infections (Corona 19) in the U.S. to 89,000 for 7 and 8 consecutive days. In addition, as the controversy over the delay in vaccine supply subsided, risk preferences became stronger.

The rise in the domestic stock market also affected the won-dollar exchange rate decline. On this day, KOSPI finished trading at 3100.58, up 15.91 points (0.52%) from the previous trading day. Foreigners and individuals raised the index by net buying 7528 billion won and 1338 billion won, respectively. The KOSDAQ index also increased 6.46 points (0.67%) and ended at 964.31.

Baek Seok-hyun, a researcher at Shinhan Bank, said, “As the Asian stock market generally rises, the dollar continues to weaken the day before.”