The average won-dollar exchange rate during the fourth quarter of last year hit a record high at 1,398.75, according to data released by the Bank of Korea, the highest level since the first quarter of 2009.
People stand in line at a currency exchange shop in the Myeong-dong area of Jung District, central Seoul, on Dec. 24.
The Korean won has stabilized against the dollar and is expected to hold steady in the absence of worsening tension in the Middle East.
Lee's idea of gaining popularity at the expense of damaging the public finance and national credibility won’t please that many people.
Hana Card's travel debit card will now support eight additional currencies, allowing users to exchange Korean won and make transactions abroad.
Pedestrians walk past a foreign exchange in Myeong-dong, central Seoul, on Tuesday. The local currency closed at 1,330.9 won against the dollar on Monday to finish above the 1,300 mark for the first time since May 18.
The won slipped below the 1,300 mark on Wednesday for the first time since late March, thanks to a slowing trade deficit and expectations that the Federal Reserve will likely pause rate hikes next week.
The Bank of Korea is expected to put a pause on the policy rate increase next month following the Fed’s rate hike Wednesday that matched general market expectations.
The won hit 2023 lows on Monday as key inflation indicators published Friday were higher than expectations.
Korea JoongAng Daily Sitemap
