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Parents of Korean students studying in Canada and Australia have been hit hard by the strong Canadian and Australian dollars, while parents of students studying in the U.S. are benefiting from the weak U.S. dollar.
According to banks, the exchange rate has risen from W794 per Canadian dollar in early February to W958 on Tuesday. That means it takes W4.79 million to send a child 5,000 Canadian dollars, up by W820,000 since early February.
Parents of students in Australia and New Zealand are also suffering from the same headache, with the Australian dollar trading at W840 on Tuesday from W734 in February, and the New Zealand dollar at W702 from W646.
Meanwhile the U.S. dollar has fallen from W941 in early February to W916 on Tuesday. That means it takes W4.58 million to send a child on the other side of the Pacific US$5,000, down by W130,000 since early February.
Analysts predict that the won will remain strong against the U.S. dollar for the time being, and weak against commodity currencies like the Australian and Canadian dollars. The Canadian dollar traded at a 47-year record high of US$1.05 on Monday.
(englishnews@chosun.com )
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