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12 clusters · 25 sources · 45 days · First seen about 2 months ago · Last updated 15 days ago

South Korean won shifts from 17-year low to rapid rally

Overview

By late August, the exchange rate trended toward the 1,380 won range, with analysts suggesting it could reach 1,350 won due to sustained dollar selling. On August 24, the KRW-USD exchange rate dropped into the 1,370 won range, marking an 11-month low. This decline was attributed to increased domestic dollar supply and global dollar weakness. On August 25, the won continued to strengthen following the Bank of Korea’s decision to raise its policy rate to 3% to manage inflation.

By August 28, the exchange rate dropped to 1,375.50 won, marking a 13-month low, driven by month-end dollar-selling activities by exporters. Concurrently, resident foreign currency deposits reached record levels; US dollar deposits surpassed the $100 billion threshold for the first time, reaching $108.92 billion. Total resident foreign currency deposits rose by $15.01 billion in July to reach $128.34 billion, the largest monthly increase since June 2012. Corporate deposits also hit a record high of $112.56 billion.

However, by August 31, the USD/KRW rate approached the 1,380 won level following hawkish remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Symposium. Warsh emphasized that the Fed must ensure structural inflation moves toward its 2% target, stating, “If not, we have work to do.” These comments bolstered the US dollar and increased Treasury yields.

By early September, the won strengthened significantly, with the exchange rate dropping to the 1,330–1,340 won range, marking a 23-month low. This appreciation is driven by a large current account surplus, with exports exceeding $100 billion for two consecutive months, and semiconductor companies actively converting dollars into won. Consequently, corporate dollar deposits at major commercial banks have reached record highs of nearly $77 billion. Samsung Securities has lowered its year-end forecast from 1,380 won to 1,300 won.

Entities

Bank of Korea · Federal Reserve · South Korea · SK Hynix · South Korean won

Claims

What the coverage asserts, and how many sources carry each claim.

Coverage disagrees

Sources make claims that cannot both be true. CLSTR reports the disagreement; it does not decide who is right.

"The KRW-USD exchange rate fell to 1,383.60 won during early trading on the 24th." www.tokenpost.kr

vs

"The KRW-USD exchange rate hit an 11-month low, dropping into the 1,370 won range during intraday trading on the 24th." www.imaeil.com · m.imaeil.com · biz.heraldcorp.com

The claims provide different specific values for the KRW-USD exchange rate during trading on the 24th (the 1,370 range versus 1,383.60 won).

[DISPUTED] The KRW-USD exchange rate hit an 11-month low, dropping into the 1,370 won range during intraday trading on the 24th. www.imaeil.com · m.imaeil.com · biz.heraldcorp.com
[DISPUTED] The KRW-USD exchange rate fell to 1,383.60 won during early trading on the 24th. www.tokenpost.kr
[● 2 SOURCES] The won–yen exchange rate fell to around 800 won per 100 yen and remained at that level for five consecutive trading days.
[● 2 SOURCES] The yen reached about 163‑164 yen per U.S. dollar, the weakest level since 1986.
[● 2 SOURCES] South Korean banks sold yen worth 315 billion yen (≈2.8 trillion won) between 1‑27 May, the largest monthly total since December 2024.
[● 2 SOURCES] Cumulative yen‑exchange volume for 2024 reached 1,783 billion yen, about 68 % of last year's total of 2,637 billion yen.
[● 2 SOURCES] The decline in the won–yen rate was driven by increased Japanese travel demand and speculative ‘forex‑tech’ buying of yen.
[● 2 SOURCES] South Korea's current account surplus for the first half of the year reached a record $191 billion. www.imaeil.com · m.imaeil.com
[○ 1 SOURCE] Yen‑denominated deposits at the five banks rose by about 693 billion yen (≈619 billion won) in the month, reaching a total of 9,781 billion yen.
[○ 1 SOURCE] Higher oil prices combined with the weak yen increased Japan’s import costs, raising inflation concerns.
[○ 1 SOURCE] The Bank of Japan’s upcoming policy meeting may keep rates at 1 % but markets anticipate a possible 0.25‑percentage‑point hike if yen‑driven inflation persists.
[○ 1 SOURCE] The U.S. Treasury announced that liquidity-support treasury buybacks could reach up to $38 billion this quarter. www.tokenpost.kr

Timeline

15 days ago

[BUSINESS] 6 sources
South Korean won strengthens as exchange rate hits 23-month low
The South Korean won has strengthened to its lowest level in 23 months, driven by large current account surpluses and increased dollar conversion by exporters, leading to record corporate dollar deposits.
22 days ago

[BUSINESS] 2 sources
USD/KRW exchange rate nears 1,380 won following Fed Chair's remarks
The USD/KRW exchange rate neared 1,380 won following hawkish comments from Fed Chair Kevin Warsh, who emphasized the necessity of ensuring inflation reaches the 2% target.
25 days ago

[BUSINESS] 3 sources
South Korean Won strengthens as USD-KRW hits 13-month low
The USD-KRW exchange rate hit a 13-month low of 1,375.50 won, while South Korean resident foreign currency deposits surged to a record $128.34 billion in July.
25 days ago

[BUSINESS] 2 sources
Gold prices fluctuate amid U.S. inflation and Won strength
South Korean gold prices fell slightly due to a stronger Won, even as international gold prices rose amid U.S. inflation concerns and anticipation of the Jackson Hole economic symposium.
27 days ago

[BUSINESS] 6 sources
South Korean Won strengthens as USD/KRW falls below 1,380
The South Korean Won has strengthened against the US Dollar, driven by Bank of Korea interest rate hikes, semiconductor sector optimism, and easing geopolitical tensions in the Middle East.
29 days ago

[BUSINESS] 5 sources
South Korean won hits 11-month low against U.S. dollar
The South Korean won has hit an 11-month low against the U.S. dollar, driven by trade surpluses and increased dollar supply, causing concerns for exporters regarding market volatility.
about 1 month ago

[BUSINESS] 2 sources
South Korean Won strengthens as dollar supply increases
The KRW/USD exchange rate has dropped to its lowest level in 11 months, potentially reaching 1,350 won due to increased dollar supply from trade surpluses and SK hynix’s large-scale shareholder return policy.
about 1 month ago

[BUSINESS] 2 sources
South Korean won strengthens as dollar exchange rate hits 1,300 won level
The won-dollar exchange rate has dropped into the 1,300 won range due to weak US economic data and increased dollar selling by Korean exporters, leading to a surge in domestic dollar deposits.
about 1 month ago

[BUSINESS] 2 sources
South Korean Won rallies to become world's strongest currency
The South Korean Won has become the world's strongest performing currency this quarter, driven by the $26.5 billion SK Hynix IPO and massive capital inflows into the country.
about 2 months ago

[BUSINESS] 3 sources
South Korean Won Drops to 800 per 100 Yen as Yen Exchange Volume Hits 19‑Month High
The won‑yen rate fell to 800 won per 100 yen, driving a 19‑month peak in yen exchange volume as banks sold 315 bn yen and Japan faces inflation risks from a weak yen and high oil prices.
about 2 months ago

[BUSINESS] 2 sources
South Korean won hits 17‑year low in real effective exchange rate
South Korea's won REER fell to 82.99 in June, a 17‑year low, as the currency weakened to 1,555 per dollar, hitting its weakest level since 1998 and pressuring the stock market.
about 2 months ago

[BUSINESS] 2 sources
South Korean Won Surpasses 1,540 per Dollar as Yen Slides to 800 per 100 Yen
South Korean won rose above 1,540 per dollar, its strongest since 2009, while won‑yen slipped to about 800 per 100 yen as the yen weakened to 163 per dollar.

Sources

amica.de · biz.heraldcorp.com · blockchainseoul.kr · chosunonline.com · dailymagazine.co.kr · detlionblood32.wordpress.com · english.hani.co.kr · finanzen100.de · hani.co.kr · imaeil.com · jnilbo.com · joseilbo.com · kaigai.ch · m.imaeil.com · m.sportalkorea.com · mbn.mk.co.kr · namdonews.com · news.donga.com · newstomato.com · saranemag.ir · silviabillycostaliberi.noblogs.org · sisajournal.com · socialnews.xyz · tennews.in · tokenpost.kr

This summary has been updated 11 times: see revision history