Korean won rises to 3-month high amid broad weakness of US dollar
Officials work at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap
The Korean currency rose sharply against the U.S. dollar on Wednesday, tracking the broader global weakness of the greenback.
The won was quoted at 1,422.5 per dollar as of 3:30 p.m., up 23.7 won from the previous session.
It marked the strongest level since Oct. 20, 2025, when the currency was quoted at 1,419.2 won per dollar.
The won's strength came as the dollar index slid to its lowest level since 2022 after U.S. President Donald Trump downplayed concerns over the greenback's weakness.
Additional pressure on the dollar stemmed from Trump's push regarding Greenland, concerns over a potential shutdown of the U.S. federal government and issues surrounding the independence of the Federal Reserve.
Foreign exchange market volatility has emerged as a key concern among policymakers in Korea.
The local currency had hovered around the psychologically important 1,450 won level for several months and slid to a multi-year low below 1,480 won late last month, weighed down by broad dollar strength, geopolitical risks and heavy overseas securities investments by local investors.
In response to heightened volatility, authorities have issued strong verbal warnings and implemented various policy measures.