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The won-dollar trade price plunged greater than 10 received in early buying and selling as greenback weak point and yen power overlapped. Amid the worldwide greenback worth being pushed to its lowest stage since 2022, U.S. President Trump’s remarks “accepting a weak greenback” intensified downward stress.
On Jan. 28, within the Seoul overseas trade market, the won-dollar trade price recorded 1,434.10 received as of 9:30 a.m., down 11.1 received from yesterday’s common buying and selling closing worth (3:30 p.m.). The trade price began at 1,431.0 received, down 15.2 received, and has been fluctuating within the early 1,430 received vary. That is the bottom stage to this point this yr.
Yesterday’s trade price had rebounded for the primary time in 5 days resulting from heightened uncertainties over tariffs towards the U.S., but it surely shifted again to a downward pattern because the greenback turned weak in a single day. With yen power and issues over a U.S. federal authorities shutdown overlapping, the worldwide greenback worth fell to its lowest stage since 2022.
Trump’s comment that he “doesn’t suppose the greenback has fallen considerably,” which indicated acceptance of a weak greenback, additionally served as an element for greenback weak point. The greenback index, which represents the greenback’s worth towards six main currencies, fell from the early 97 vary the earlier afternoon to the late 95 vary on at the present time, recording its lowest stage in roughly 4 years since early 2022.
The yen continues its strengthening pattern amid vigilance from U.S. and Japanese overseas trade authorities over intervention. The yen-dollar trade price, which approached 160 yen final week, got here right down to the 152 yen vary on at the present time. The won-yen cross price rose 3.76 received to 939.24 received per 100 yen from yesterday’s afternoon reference price.
Min Kyung-won, researcher at Woori Financial institution, mentioned, “Because of the sharp drop within the greenback index and restoration in threat urge for food, the dollar-won trade price will try to settle within the 1,420 received vary immediately,” including, “Overseas web inventory purchases and offshore greenback promoting may act as downward stress.”
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