The South Korean won appreciated past 1,380 per dollar after sinking to 18-month lows earlier in the week, as the US, Japan and South Korea agreed to coordinate on foreign exchange markets during their first trilateral meeting. Bank of Korea Governor Rhee Chang-yong also said they have various options to counter extreme volatility in the currency markets, signaling readiness to intervene to shore up the won. The BOK regularly intervenes in currency markets to prevent undesirable volatility in the won, but China’s increasingly weak daily reference rates limit the room for response for other Asian economies, as a sharp appreciation against the yuan hampers the competitiveness of Korean goods and services in foreign markets. The won came under pressure from a strong dollar this year as solid US economic data and hawkish rhetoric from policymakers cemented bets that the Federal Reserve will delay the start of the easing cycle.
The USDKRW increased 4.7000 or 0.34% to 1,376.5000 on Friday April 26 from 1,371.8000 in the previous trading session. Historically, the South Korean Won reached an all time high of 1995 in December of 1997. South Korean Won - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDKRW increased 4.7000 or 0.34% to 1,376.5000 on Friday April 26 from 1,371.8000 in the previous trading session. The South Korean Won is expected to trade at 1368.13 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1426.82 in 12 months time.