On the 9th, the won-dollar exchange rate rose by more than 7 won, closing the weekly transaction at 1,375 won. The exchange rate appears to have increased due to tariff pressure from U.S. President Donald Trump.
On that day, the closing price of the won-dollar exchange rate in the Seoul foreign exchange market was recorded at 1,375.0 won, up 7.1 won from the previous trading day (as of 3:30 p.m.). The exchange rate started at 1,372.0 won and fluctuated in the 1,370 won range before closing higher.
Last night, President Trump caused turbulence in the foreign exchange market by setting the deadline for the reciprocal tariff suspension to the 1st of next month. He also revealed plans to impose tariffs of 50% on copper and 200% on pharmaceuticals, exacerbating the weakness of the won.
The dollar is showing strength. According to Investing.com, the dollar index (DXY), which indicates the dollar value against six major currencies, was recorded at 97.52 as of 3:57 p.m., rising more than 1 point compared to a week ago when it was trading around 96.
As of 3:30 p.m., the won-yen exchange rate is 935.37 won per 100 yen. It fell by 0.81 won from the previous day's rate at the same time. The dollar-yen exchange rate was 147.001 yen, up 0.6%.
Min Kyung-won, a researcher at Woori Bank, noted, "The uncertainty regarding the reciprocal tariff is prompting offshore investors to adjust their strategy to dollar long play (currency purchase), increasing upward pressure on the exchange rate," adding that "for the time being, the flow of the won-dollar exchange rate is expected to be in a phase where short-term peaks are confirmed."