Won Strengthens to Six-Month High

  • By Shon Jin-seok

    December 22, 2022 09:58

    The Korean won strengthened to the highest level in six months on Wednesday, closing at W1,285.70 against the dollar.
    That was up W3.90 from the previous day and W154.20 compared to the lowest point on Sept. 28 as the greenback tumbled.
    The won has been strengthening rapidly since Japan announced early this week that it will end its ultra-low interest rate policy of the last decade, prompting the yen to rise and take regional currencies with it.
    An electronic board shows the Korean won closing at 1,285.70 against the U.S. dollar at KEB Hana Bank headquarters in Seoul on Wednesday. /Newsis
    Analysts said the dollar is expected to slide further if the U.S. Federal Reserve wraps up its series of rate hikes to tame inflation early next year.
    But Moon Jung-hee at KB Kookmin Bank warned, "Risks of an economic slump next year and a large trade deficit could slow a further strengthening of the won."
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