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South Korean Won Plunges Below 1,500 Level Against Dollar on July 8, Largest Drop Since May

GateNews
Forex
According to Yonhapinfomax, on July 8, South Korea's won currency plunged sharply against the U.S. dollar, hitting 1,498.50 KRW per dollar in afternoon trading—marking the first time the exchange rate broke below 1,500 since May 29 and a decline of 29.70 won from the previous day's close. The sharp drop was triggered by geopolitical tensions in the Hormuz Strait and subsequent risk-off sentiment in global markets, combined with SK Hynix's forward exchange sales ahead of its anticipated U.S. stock listing and suspected smoothing operations by South Korean financial authorities. The KOSPI index fell 5.35% to 7,246.79, while foreign investors reversed course to net buy 336 billion won worth of equities on the main market.
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In-Depth Analysis

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