South Korean Won Extends Gains on Dollar Selling

2026-10-27 04:27 By Mariene Camarillo 1 min. read

The South Korean won traded around 1,324 per dollar, extending gains to its strongest level since October 2024, as month-end dollar selling by exporters and offshore investors increased greenback supply.

Recent remarks by Bank of Korea Governor Shin Hyun-song highlighting strong export-driven dollar inflows and the won’s undervaluation also reinforced expectations for further currency gains.

Meanwhile, South Korea’s GDP expanded 1% quarter-on-quarter in the third quarter, accelerating from 0.6% in the previous quarter and exceeding market expectations of 0.8%, providing additional fundamental support.

However, elevated oil prices amid continued Middle East tensions remain a risk, as higher energy import costs could increase demand for dollars.

Investors also awaited the Federal Reserve’s policy decision on October 27–28 for further clues on the US interest rate outlook.



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South Korean Won Extends Gains on Dollar Selling
The South Korean won traded around 1,324 per dollar, extending gains to its strongest level since October 2024, as month-end dollar selling by exporters and offshore investors increased greenback supply. Recent remarks by Bank of Korea Governor Shin Hyun-song highlighting strong export-driven dollar inflows and the won’s undervaluation also reinforced expectations for further currency gains. Meanwhile, South Korea’s GDP expanded 1% quarter-on-quarter in the third quarter, accelerating from 0.6% in the previous quarter and exceeding market expectations of 0.8%, providing additional fundamental support. However, elevated oil prices amid continued Middle East tensions remain a risk, as higher energy import costs could increase demand for dollars. Investors also awaited the Federal Reserve’s policy decision on October 27–28 for further clues on the US interest rate outlook.
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The South Korean Won touched 1320.00 against the USD, the highest since October 2024. Over the past 4 weeks, US Dollar South Korean Won lost 2.86%, and in the last 12 months, it decreased 7.63%.
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South Korean Won Hits Over 2-Year High
The South Korean won traded around 1,321 per dollar, extending gains to its strongest level since October 2024, as Korea’s semiconductor-led export boom continued to underpin foreign-currency inflows. Exports reached a record $120.94 billion in September, up 83.5% year-on-year, driven by a 263% surge in semiconductor shipments. Preliminary data also showed chip exports maintaining strong growth in October. At the same time, the Bank of Korea expects the full-year current-account surplus to exceed its previous $450 billion forecast, reinforcing the outlook for sustained external inflows. Additionally, the BOK indicated that economic growth in 2026 is expected to exceed its previous projections, providing a more favorable economic backdrop for the currency, while keeping its policy rate unchanged at 3.00%. Meanwhile, elevated oil prices amid continued Middle East tensions remain a risk, as higher energy import costs could increase demand for dollars.
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