Business · Markets · 2 hrs ago
Won weakens as dollar gains ahead of US midterm election results
The won opened lower at 1,344 per dollar in Seoul on November 4, as traders awaited the US midterm election results.
A rebound in US technology shares did not weaken the dollar, because rising US Treasury yields helped support it.
Demand for dollars from importers and South Korean investors buying overseas stocks also put pressure on the won.
Dollar sales by semiconductor exporters helped limit the won’s decline by adding dollars to the market.
Investors are watching whether Democrats win both chambers of Congress, a result known as a blue wave; some expect it to weaken the dollar, while another possibility raised is that it could strengthen the dollar.
The exchange rate was expected to trade around the mid-1,340s during the day, with less exporter selling after regular trading potentially allowing it to rise further.
The won weakened against the dollar as the US midterm election results approached.
At 9 a.m. in Seoul on November 4, the won-dollar rate was 1,344.0 won, up 3.0 won from the previous session’s daytime closing rate.
Rising US Treasury yields supported the dollar despite a rebound in US technology stocks.
Dollar demand from importers and Korean investors buying overseas shares also put upward pressure on the exchange rate.
Dollar sales by semiconductor exporters were expected to limit the rise.
- Who
- The won and the US dollar. Woori Bank economist Im Hwan-yeol commented on the exchange rate.
- What
- The won weakened, and the won-dollar exchange rate rose.
- When
- November 4, 2026, at 9 a.m. in Seoul.
- Where
- The Seoul foreign exchange market.
- Why
- A stronger dollar, supported by rising US Treasury yields and dollar buying, outweighed pressure from exporters’ dollar sales.
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- Exchange rate
- 1,344.0 won per dollar at 9 a.m. in Seoul
- Change
- Up 3.0 won from the previous session’s daytime close
- Market event
- US midterm election results were pending
- Dollar support
- Rising US Treasury yields
- Limiting factor
- Dollar sales by semiconductor exporters
1 source
What people are saying
The exchange rate is expected to rise into the mid-to-high 1,340-won range, weighed down by global dollar strength as markets await the US midterm election results, despite a revival of the AI rally.
The market is leaning toward the view that a blue wave will lead to dollar weakness.
If the Democrats become the majority party in both the Senate and the House, bets on the possibility of impeachment of President Trump could expand, and the possibility of dollar strength cannot be ruled out.