South Korea's Won Breaks 1,500 per Dollar Amid Large-Scale Dollar Sales

South Korean foreign‑exchange authorities sold about $136.3 billion in the first quarter, marking the fourth‑largest quarterly intervention on record. The net dollar sales were intended to curb the won’s depreciation, which saw the average rate rise from 1,466.9 won per dollar in Q1 to 1,527.9 won by June – the highest level since the 1998 crisis.

In the second quarter, the won’s average exchange rate reached 1,500.1 won per dollar, the first time it has crossed that threshold in 28 years. The surge was driven by strong foreign‑investor stock sell‑offs, amounting to roughly 136 trillion won, and continued dollar strength linked to rising U.S. interest‑rate expectations. Analysts note that the upcoming SK Hynix ADR listing and the shift to 24‑hour FX trading could influence currency flows, though the overall impact on the exchange rate may be limited.