South Korean WonQuote - Chart - Historical Data - News

The South Korean won traded around 1,415 per dollar, remaining near a more than ten-month high, supported by persistent dollar-selling flows. The currency continued to benefit from the conversion of SK hynix's ADR proceeds into won, which has been a key factor behind its sharp appreciation in recent weeks. Expectations for further Bank of Korea rate hikes are also strengthening the currency's fundamental outlook, after BOK Deputy Governor Ryoo Sang-dai said stronger growth and persistent core inflation could warrant further tightening. Separately, reduced expectations for a September Federal Reserve rate hike are easing pressure from the dollar, with markets lowering the probability of a September hike to around 40% from 50%. Meanwhile, uncertainty over the reopening of the Strait of Hormuz remains a risk to the currency, with elevated oil prices raising concerns over Korea's energy import costs and inflation.

The South Korean won traded around 1,417 per dollar, pulling back from a recent over ten-month high, as renewed uncertainty over the Strait of Hormuz weighed on the currency. Iran denied holding direct talks with Washington over reopening the waterway, casting doubt on a near-term deal and keeping oil prices elevated, raising concerns over import costs and inflation in South Korea. Meanwhile, strong semiconductor exports and continued dollar selling by exporters provided support, with July exports rising nearly 63% year-on-year to $98.89 billion and semiconductor shipments surging 179%. Expectations of foreign exchange intervention by South Korean authorities are also helping limit renewed won weakness and keep the currency near its strongest level since October 2025. At the same time, investors are monitoring this week's US inflation data for further clues on the Federal Reserve's policy outlook and the dollar's direction.

The South Korean Won touched 1416.00 against the USD, the highest since October 2025. Over the past 4 weeks, US Dollar South Korean Won lost 6.48%, and in the last 12 months, it increased 2.35%.