Won-dollar exchange rate drops to 1,300 won range, lowest in 10 1/2 months
An employee sorts U.S. dollars at Hana Bank in Jung District, Seoul, Aug. 5. Yonhap
By Yonhap
The won-dollar exchange rate fell to the 1,300 won range for the first time in 10 1/2 months Wednesday, amid expectations that the U.S. Federal Reserve will keep its benchmark interest rate unchanged, along with increased dollar selling by exporters.
The won was trading at 1,399 won to the U.S. dollar as of 12:02 pm in Seoul's foreign exchange market.
The rate opened at 1,413.3 won and continued to decline throughout the session.