Photo : KBS
The South Korean won weakened sharply against the United States dollar in the second quarter, pushing the average exchange rate to its highest level since the Asian financial crisis.
According to Bank of Korea data released Sunday, the average won‑dollar exchange rate from April through June 5 stood at one-thousand-490-point-98 won per dollar based on daytime closing prices, the highest level since the first quarter of 1998, when it averaged one-thousand-596-point-88 won.
The average exchange rate for the year to date reached one-thousand-477-point-06 won, well above last year’s annual average of one-thousand-420-point-97 won, which had been the highest on record.
The won continued to weaken in overnight trading Saturday, with the rate climbing as high as one-thousand-561-point-five won per dollar, its highest intraday level since March 2009 during the global financial crisis.
At airport bank branches, the cash exchange rate for purchasing U.S. dollars has already surpassed one-thousand-600 won, with Hana Bank quoting one-thousand-624 won per dollar at its airport outlets as of Saturday.
Analysts attributed the currency’s weakness to heavy foreign selling of South Korean equities, profit‑taking after a sharp rally in the benchmark KOSPI, and a stronger dollar fueled by expectations of higher U.S. interest rates amid persistent inflation concerns.