USD/KRW Breaks Above 1,500 Won on July 10, Hits 1,505.00 in New York

According to Yonhap Infomax, the USD/KRW exchange rate broke above 1,500 won on July 10, trading at 1,505.00 won in New York at 9:25 p.m. The currency pair closed the regular session down 4.70 won to 1,501.40 won. A South Korean Finance Ministry official said the current exchange rate remains decoupled from fundamentals. Separately, Hanwha Ocean sold $2 billion worth of forward currency contracts through domestic and foreign banks, while SK Hynix ADR trading and potential dollar supply from future public offerings also supported won strength.
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