The won-dollar exchange rate fell for a sixth consecutive session to 1,386.5 on August 21, down 6.1 won from 1,392.6, after reaching 1,380.3 intraday. The rate had recovered roughly 170 won from 1,555.8 in early July, its weakest level since the global financial crisis, and moved below 1,400 won for the first time in about 10 months. Dollar deposits at South Korea’s five largest banks rose to $75.459 billion as of August 19, up $6.024 billion, or 8.7%, from the end of July and $10.415 billion from the end of June. Corporations accounted for about 90% of the increase by retaining export proceeds and securing dollars for raw-material payments and overseas investments, while individuals bought dollars for currency trading and dollar-denominated assets. The won’s rebound was supported by dollar conversion related to SK hynix’s American Depositary Receipt issuance, easing foreign-investor selling, shareholder-return flows linked to Samsung Electronics and SK hynix, offshore bets on further won appreciation and changing Federal Reserve expectations. The stronger won widened returns between hedged and unhedged South Korean-listed U.S. ETFs, while analysts said stronger growth and semiconductor-related dollar supply could support further appreciation, potentially toward 1,350 by year-end, although volatility may persist in the high 1,300-won to low 1,400-won range.