Dollar-Won Falls to 1,478.40 Won, Lowest Since May 11, on SK Hynix USD Conversion

According to Yonhapinfomax, on July 20, the dollar-won exchange rate fell to 1,478.40 won in Seoul trading, marking its lowest close since May 11. The pair opened at 1,490.00 won and retreated throughout the session, with an intraday high of 1,490.60 won and low of 1,477.00 won.

SK Hynix's dollar conversion following its $26.5 billion ADR listing drove much of the selling pressure, as the chipmaker continues to liquidate dollars for domestic investment. Export companies also added to downward momentum with follow-on selling, while foreign investors returned to Korean equities following Kospi weakness, reducing custodial dollar demand. One bank dealer noted supply-side pressure from SK Hynix flows, stating resistance was expected near 1,480 won.