Won Exchange Rises Above W1,100

  • Arirang News

    November 20, 2017 09:31

    The Korean won strengthened past W1,100 against the U.S. dollar for the first time in more than a year, closing at W1,097.5 Friday.

    The won has appreciated nearly nine percent against the greenback since the start of 2017, including a four-percent rise in the last three months thanks to easing geopolitical tensions and strong economic fundamentals. A new currency swap deal between Korea and Canada on Wednesday also played a part in driving up demand for the currency.

    Most experts say that if the economy keeps growing at the current pace, the won will continue to rise. But a stronger won means more pressure for Korean exporters as it raises the prices of goods sold abroad.

    A Bank of Korea official said that officials are closely monitoring the markets because the won has risen so quickly.

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