The USD-KRW exchange rate closed at 1,498.50 won at 6 a.m. Seoul time, down 2.90 won from the previous Seoul trading session close of 1,501.40 won at 3:30 p.m., falling below the 1,500 won level amid yen strength and heightened monitoring by Korean foreign exchange authorities. The rate declined 11.00 won compared to 24 hours prior (1,509.50 won). Moon Ji-seong, Deputy Minister-level Director General for International Economic Affairs at South Korea's Ministry of Economy and Finance, told Yonhap Infomax that "the current exchange rate still diverges from economic fundamentals," emphasizing foreign exchange market monitoring, after which the rate shifted to decline. The yen maintained strength following Japanese Finance Minister Katayama Satsuki's statement encouraging public pension funds to expand domestic investment, adding downward pressure on the dollar-won pair during the first week of the 24-hour trading system.
USD-KRW Closes Below 1,500 Won on Yen Strength
The USD-KRW exchange rate closed the week below the 1,500 won threshold in Seoul's foreign exchange market. The rate partially retraced previous Seoul session declines during London and New York trading, then fell back below 1,500 won in early morning trading. The yen sustained strength after Japanese Finance Minister Katayama Satsuki's remarks about encouraging public pension funds to expand domestic investment. The weekly decline totaled 31.50 won with a volatility range of 40.70 won during the first week of the 24-hour trading system.
Korean Finance Official Emphasizes Exchange Rate Monitoring
Moon Ji-seong, Deputy Minister-level Director General for International Economic Affairs at South Korea's Ministry of Economy and Finance, told Yonhap Infomax that "the current exchange rate still diverges from economic fundamentals," emphasizing foreign exchange market monitoring. The exchange rate shifted to decline following the official's statement transmitted during Seoul trading hours. The verbal intervention message acted as effective downward pressure on the rate.
Trump Posts Iran Negotiation Update on Truth Social
Donald Trump posted on his social media platform Truth Social that "Iran has asked us to continue negotiations" and "we have agreed." Trump emphasized that "the United States made it crystal clear to them, with no room for misunderstanding, that the ceasefire is over." The dollar and international oil prices temporarily strengthened following Trump's statement, but the market also focused on negotiation possibilities and surrendered most gains.
SK Hynix Debuts on NYSE at $168.49
SK Hynix opened trading at $170 on its first day listed on the New York Stock Exchange and closed at $168.49. The closing price stood 13.08% above the IPO price of $149.
Global Currency Market Movements
The dollar index rose 0.03% to 100.954 compared to the previous session. The USD-JPY exchange rate fell 0.06% to 161.728 yen compared to the previous close. The EUR-USD exchange rate declined 0.07% to 1.14138 dollars. The offshore USD-CNY (CNH) exchange rate fell 0.22% to 6.7820 yuan compared to the previous session.
FAQ
What did the USD-KRW exchange rate close at in Seoul trading?
The USD-KRW exchange rate closed at 1,498.50 won at 6 a.m. Seoul time, down 2.90 won from the previous Seoul trading session close of 1,501.40 won at 3:30 p.m., and down 11.00 won compared to 24 hours prior at 1,509.50 won.
Why did Korean finance officials comment on the exchange rate?
Moon Ji-seong, Deputy Minister-level Director General for International Economic Affairs at South Korea's Ministry of Economy and Finance, told Yonhap Infomax that "the current exchange rate still diverges from economic fundamentals," emphasizing foreign exchange market monitoring, after which the rate shifted to decline.
How did SK Hynix perform on its NYSE debut?
SK Hynix opened trading at $170 on its first day listed on the New York Stock Exchange and closed at $168.49, which stood 13.08% above the IPO price of $149.
