As uncertainties grow regarding tariff negotiations between South Korea and the United States, the won-dollar exchange rate rose by more than 10 won, approaching 1,380 won.
According to the Seoul foreign exchange market on the 25th, the weekly closing price of the won-dollar exchange rate (as of 3:30 p.m.) closed at 1,377.9 won, an increase of 10.7 won compared to the previous day.
The exchange rate started at 1,372.6 won, down 5.4 won from the previous day. This reflects the strength of the dollar due to positive U.S. employment indicators. At one point during the day, the exchange rate rose significantly, reaching 1,379.6 won.
The sudden postponement of trade talks between South Korea and the United States also appears to have affected the market. The United States canceled the scheduled ‘2+2 Finance and Trade Ministers Meeting’ just before Korea’s Deputy Prime Minister for Economic Affairs, Ku Yoon-cheol, departed. The U.S. Treasury mentioned ‘urgent scheduling’ by Secretary Scott Bessent as the reason for the postponement, but did not specify what the schedule entailed.
However, Minister Kim Jeong-kwan of the Ministry of Trade, Industry and Energy and Yeo Han-koo, head of trade negotiations, held talks with U.S. Secretary of Commerce Howard Lutnick in the U.S. overnight.
The Ministry of Trade, Industry and Energy stated, “We reaffirmed our commitment to finding a mutually beneficial resolution before the tariff negotiation deadline of August 1, and agreed to continue additional negotiations as soon as possible.”
The government has stated that it will schedule the ‘2+2 meeting’ soon, but there are concerns that the negotiations themselves may be encountering difficulties.
The dollar index, which indicates the value of the dollar against six major currencies, recorded an increase of 0.28% to 97.499 compared to the previous day.
As of 3:30 p.m., the won-yen exchange rate was 937.44 won per 100 yen, rising by 2.41 won from the previous day's rate of 935.03 won. The dollar-yen exchange rate recorded 146.960 yen, an increase of 0.50% compared to the previous day.