On the afternoon of the 26th, the closing price of the won/dollar exchange rate is displayed in the dealing room of Hana Bank’s headquarters in Euljiro, Jung-gu, Seoul. On that day, the won/dollar exchange rate rose 0.9 won to 1250.8 won per dollar in the Seoul foreign exchange market. Based on the closing price, it is the highest in two years and one month since March 23, 2020 (1266.5 won), right after the spread of COVID-19. [사진=연합뉴스]
The won-dollar exchange rate broke a new high for the third consecutive trading day.
On the 26th, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1250.8 won, up 0.9 won from the previous day’s closing price.
This is the highest level in two years and one month since March 23, 2020, right after the spread of COVID-19.
The won-dollar exchange rate opened at 1249.5 won, down 0.4 won from the previous day, and fluctuated between 1245 won and 1251 won.
The won-dollar exchange rate exceeded 1,250 won only twice, including the global financial crisis in 2008 and the early stage of the spread of COVID-19 in 2020.
Securities analysts believe that the preference for the dollar, a safe haven asset, will continue for the time being due to the US Federal Reserve’s rate hike and China’s Beijing lockdown.
In fact, the prospect is strong that the US Federal Reserve will take a ‘big step’ by raising the key interest rate by 0.50% at the Federal Open Market Committee (FOMC) regular meeting next month. Federal Reserve Chairman Jerome Powell recently said at the International Monetary Fund (IMF) meeting that a 50 basis point (0.50 percentage point) increase would be considered at the May meeting.
The yuan continued to weaken due to the Beijing lockdown. The base exchange rate for the yuan against the dollar was 6.5590 yuan, down 1.04% from the previous trading day.
- reporter information
- Myeong-seop Jeong
- jms9@ajunews.com
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