The won-dollar exchange rate remains in the 1330s as exporters sell dollars, despite a strong dollar.
As of 9:15 AM on October 8, the exchange rate in the Seoul foreign exchange market is 1,337.7 won per U.S. dollar. The rate was recorded at 1,339.0 won as of 6 AM, down 1.4 won from the previous day's closing rate.
Despite the strong dollar, the influx of dollar sales is supporting the lower end of the exchange rate. The dollar index (DXY), which measures the value of the dollar against six major currencies, rose 0.42% to 102.275, reflecting the weakness of the euro.
The New York stock market fell due to a surge in government bond yields. The Dow Jones Industrial Average closed down 341.41 points (0.66%) at 51,179.87.
The S&P 500 index, which reached an all-time high the previous day, fell 17.16 points (0.22%) to close at 7,801.77, while the Nasdaq Composite Index dropped 61.20 points (0.22%) to finish at 27,538.69.
The yield on the 10-year U.S. Treasury bond surpassed 5.36% during the day, marking the highest level since 2002. The yield on the 30-year bond also rose to 5.73%, the highest in 24 years.
International oil prices fell following news that the International Energy Agency (IEA) plans to accelerate the release of strategic oil reserves. Brent crude for December delivery closed down 0.38% at $100.20 per barrel, while West Texas Intermediate (WTI) for November delivery fell 1.30% to $88.28 per barrel.
The exchange rate is expected to fluctuate around the 1340 won level today. Min Kyung-won, an economist at Woori Bank, stated, "Today, the exchange rate is expected to show narrow fluctuations around 1340 won due to dollar sales from exporters and the correlation with the yen, despite the strong dollar. The dollar's strength is being supported by the weak euro amid fiscal instability in the Eurozone, but the influx of dollar sales is preventing the exchange rate from rising further."
* This article has been translated by AI.
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