By 31 October, the Korean won (KRW) had appreciated 6.1% in nominal terms over the previous month and traded at 1,110 KRW per USD. The October rise contrasted the 9.4% depreciation observed in September, when the KRW traded at 1,178 KRW per USD. Moreover, the reading represented the fastest monthly appreciation since April 2009 and marked the first pick-up in the value of the won after two consecutive monthly drops. As a consequence of the October reading, the KRW has now appreciated an accumulated 2.2% versus the USD this year and, at the current level, is trading 1.4% above the same month last year. The Korean currency had depreciated between August and September on the back of deteriorating prospects for the global economy. Currently, the won is experiencing increased volatility as uncertainty persists in international financial markets. During the first half of November the won dropped again, falling to 1,139 KRW per USD by 18 November and marking a 2.5% depreciation compared to the end of October. Against this backdrop, the Bank of Korea (BoK) remains active on the currency front and is stepping up measures aimed at stabilizing the value of the won. On 27 October, the BoK and the People's Bank of China agreed to expand to USD 56.5 billion the total size of an existing USD 33.5 billion currency swap arrangement, signed in April 2009. The deal, which will last until October 2015, follows on a similar USD 70.0 billion agreement reached by Korean and Japanese monetary authorities on 19 October. According to the Korean Central Bank, the extension of the currency swap ?will mitigate adverse influences of heightened uncertainty in the global market on the two fundamentally sound and well-managed economies and contribute to promoting bilateral trade for stable economic development.?
Korea Exchange Rate
Won picks up in October
October 31, 2011
Looking for forecasts related to Exchange Rate in Korea? Download a sample report now.
Korea Economic News
October 13, 2016
At its 13 October monetary policy meeting, the Bank of Korea (BoK) announced that it will hold the base rate constant at a record low of 1.25%, which was largely in line with market expectations.
October 5, 2016
In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease in August and overshot the 0.2% increase the markets had expected.
October 3, 2016
Korea’s Customs Services reported that exports totaled USD 40.9 billion in September, which represented a 5.9% contraction over the USD 43.4 billion recorded in the same month last year.
September 30, 2016
The forward-looking business confidence indicator (BSI) for the manufacturing sector produced by the Bank of Korea (BoK) rose from 74 points in September to 75 points in October.
September 30, 2016
In August, industrial production accelerated and expanded 2.3% year-on-year, which was up from both the 1.6% increase registered in July and the 1.6% rise the markets had expected.