The won-dollar exchange rate continues to hover above 1330 won.
As of 9:17 a.m. on October 13, the exchange rate in the Seoul foreign exchange market is 1335.8 won against the U.S. dollar. This rate reflects a 0.7 won increase from the previous day's closing price as of 6 a.m.
The slight rise is interpreted as a response to the strengthening dollar. The dollar index (DXY), which measures the dollar's value against six major currencies, rose by 0.36% to 102.599, marking its highest level since April of last year. The yen-dollar exchange rate also increased by 0.24% to 158.662 yen.
In the U.S., the New York stock market showed mixed results. The Dow Jones Industrial Average closed up 195.60 points (0.38%) at 51,850.55.
The S&P 500 index fell by 4.30 points (0.06%) to 7,807.24, while the Nasdaq Composite dropped 120.27 points (0.44%) to 27,245.90.
International oil prices have risen for three consecutive days due to the impact of Houthi rebels' attack on Riyadh International Airport in Saudi Arabia.
Brent crude for December delivery closed at $106.65 per barrel, up 1.84%, while West Texas Intermediate (WTI) for November delivery finished at $93.74, a 2.06% increase.
At the same time, foreign investors are selling off in the domestic stock market. Early in the session, foreign investors have net sold 699.9 billion won in the securities market.
The exchange rate is expected to rise due to the strong dollar and a decrease in risk appetite. Min Kyung-won, an economist at Woori Bank, stated, "The strong dollar and the dampening of risk asset sentiment are likely to exert upward pressure on the exchange rate."
He added, "With oil prices rising for three consecutive days, inflation concerns are being reignited, contributing to the strong dollar. While the won has shown relatively strong performance compared to other currencies, if the pressure from the strong dollar intensifies, it may weaken in alignment with other currencies."
* This article has been translated by AI.
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