Korean Won Strengthens to 1,481.10 on July 22, Gains Capped by Export Selling and Policy Oversight

According to Yonhap Infomax, on July 22, the Korean won strengthened against the U.S. dollar to 1,481.10 won, up 7.7 won from the previous close, but further gains were capped by active currency-selling from exporters and close monitoring by authorities. The won climbed to 1,482.20 won earlier in the morning but retreated as dollar selling pressure intensified. South Korea's Deputy Finance Minister urged major exporters to play an active role in currency conversion and bringing overseas reserves into the country, citing improved economic fundamentals from the semiconductor sector.
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