Business · Markets · 34 mins ago
Won-Dollar Rate Rises to 1,342.4 Won
South Korea’s won-dollar exchange rate reached 1,342.4 won per dollar at 9 a.m.
on Nov.
11.
That was 4.9 won higher than the previous trading day’s daytime close, a rise of 0.36%.
The rate shows how many South Korean won are needed to buy one US dollar.
Forecasts suggest the rate could rise further during the day.
Those expectations are linked to the possibility of a 0.5-point Fed rate increase in December.
If the US raises rates, the dollar is expected to strengthen, which could push the won-dollar rate higher.
The won-dollar exchange rate stood at 1,342.4 won at 9 a.m. on Nov. 11.
The rate was up 4.9 won, or 0.36%, from the previous trading day’s daytime close.
The exchange rate was expected to rise further.
The outlook followed expectations that the U.S. Federal Reserve could raise its benchmark rate by 0.5 percentage points in December.
- Who
- The won and the U.S. dollar.
- What
- The exchange rate reached 1,342.4 won per dollar, up 4.9 won.
- When
- 9 a.m. on Nov. 11.
- Where
- Not stated.
- Why
- Expectations that the Federal Reserve could raise interest rates by 0.5 percentage points in December supported a forecast of a stronger dollar.
This story does not have two clearly opposing sides.
The won-dollar rate’s daytime closing level was 4.9 won below the rate reported the next morning.
The won-dollar rate stood at 1,342.4 won.
- Exchange rate
- 1,342.4 won per U.S. dollar
- Change
- Up 4.9 won, or 0.36%
- Reported time
- Nov. 11 at 9 a.m.
- Interest-rate outlook
- A possible 0.5-percentage-point Federal Reserve rate increase in December