The won-dollar exchange rate has dropped to the 1331 won range.
As of 9:49 a.m. on October 28, the exchange rate in the Seoul foreign exchange market is 1331.1 won against the U.S. dollar, marking a decline to a level last seen on October 13. The rate at 6 a.m. today was trading at 1327.0 won, up 3.3 won from the previous day's weekly trading benchmark.
The exchange rate, which had been slightly rising due to a strong dollar, appears to have fallen due to selling pressure from exporters. Overnight, the dollar rose for three consecutive trading days ahead of the U.S. Federal Open Market Committee (FOMC) meeting. The dollar index, which measures the dollar's value against six major currencies, increased by 0.295% to 102.299.
The New York stock market has risen for two consecutive days. The Dow Jones Industrial Average closed up 15.99 points (0.03%) at 52,377.57.
The Standard & Poor's (S&P) 500 index rose by 45.83 points (0.60%) to close at 7,722.60, while the tech-heavy Nasdaq Composite Index jumped 308.43 points (1.18%) to finish at 26,477.81.
International oil prices fell amid expectations of progress in peace talks in the Middle East. Brent crude dropped 1.67% to $113.88 per barrel, while West Texas Intermediate (WTI) fell 1.83% to $99.90 per barrel.
In the early trading session, foreign investors are showing a buying advantage in the domestic stock market. In the securities market, foreign investors have net purchased 349.9 billion won.
The exchange rate is expected to follow a similar trend as the previous day, with a pattern of weakening after strengthening. Min Kyung-won, an economist at Woori Bank, stated, "We expect the rate to test the support level of 1320 won before rebounding, driven by continued risk appetite for tech stocks and domestic supply and demand negotiations during regular trading hours."
* This article has been translated by AI.
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