The won-dollar exchange rate has dropped to the 1330s due to a recovery in the euro.
As of 10:30 a.m. on October 7, the exchange rate in the Seoul foreign exchange market is 1,338.7 won against the U.S. dollar. The rate was trading at 1,338.1 won as of 6 a.m., down 5.5 won from the previous day's weekly trading benchmark.
The decline in the exchange rate is attributed to the euro's rebound, which has led to a weakening of the dollar. The dollar index (DXY), which measures the dollar's value against six major currencies, fell by 0.32% to 101.84 overnight.
The New York stock market saw broad gains. On October 6, the Dow Jones Industrial Average closed up 253.38 points (0.49%) at 51,521.28.
The S&P 500 index rose by 44.98 points (0.58%) to finish at 7,818.93, while the Nasdaq Composite increased by 122.48 points (0.45%) to close at 27,599.79.
U.S. Treasury yields, which had been pressuring the stock market, showed signs of stabilization. The yield on the 10-year Treasury note fell by 3 basis points (1 basis point = 0.01 percentage points) to 5.281%.
International oil prices remained steady. Brent crude for December delivery closed up 0.26% at $100.58 per barrel, while West Texas Intermediate (WTI) for November delivery rose by 0.01% to $89.44 per barrel.
The exchange rate is expected to fluctuate in the 1330s. Min Kyung-won, an economist at Woori Bank, stated, "With improved investor sentiment in growth stocks and the euro's rebound triggering dollar weakness, we anticipate a test of support in the mid-1330s. Although trading volume has decreased due to the holiday, steady inflows from semiconductor companies will likely drive attempts to stabilize in the 1330s."
* This article has been translated by AI.
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