The won-dollar exchange rate has reached the 1520s.
As of 9:19 a.m. on June 18, the exchange rate in the Seoul foreign exchange market stood at 1,524.3 won per dollar. The rate opened at 1,525.0 won, up 11.6 won from the previous session.
This rise appears to be driven by risk-averse sentiment amid expectations that the U.S. central bank will begin raising interest rates.
The Federal Reserve held its benchmark interest rate steady during its Federal Open Market Committee (FOMC) meeting overnight. However, the median forecast for the year-end interest rate was raised to 3.8%, up from 3.4% in the previous March projection.
U.S. stock markets closed lower across the board. The Dow Jones Industrial Average fell by 506.51 points (-0.97%) to finish at 51,493.16.
The S&P 500 index dropped 91.22 points (-1.21%) to close at 7,420.13, while the Nasdaq Composite Index fell 354.69 points (-1.34%) to end at 26,021.66.
International oil prices rebounded after President Donald Trump stated that the memorandum of understanding with Iran is not the final agreement and warned that airstrikes would resume if Iran does not comply.
Brent crude futures closed up 0.7% at $79.55 per barrel, while West Texas Intermediate (WTI) crude futures rose 1.0% to $76.79 per barrel.
Minkyoung Kwon, an economist at Woori Bank, noted, "Foreign selling in the domestic stock market and the strong dollar will exert direct downward pressure on the won. However, the demand for dollars from residents purchasing U.S. stocks will provide some support against further declines."
* This article has been translated by AI.
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