The won closed at 1,372.5 per dollar in Seoul on the 28th, strengthening 8.4 won from the previous session to its strongest closing level in 13 months. The currency opened at 1,380.5 and firmed to as strong as 1,371.8, its best intraday level since July 25 last year, as exporters sold dollars ahead of month-end and custody-related selling emerged late in the session. Expectations that Federal Reserve Chair Kevin Warsh would avoid a hawkish message at the Jackson Hole economic policy symposium weakened the dollar and supported the won. The Bank of Korea’s 0.25 percentage-point increase in its base rate to 3.00% from 2.75% the previous day also bolstered the currency. The won-yen cross rate fell to 860.61 won per 100 yen, its lowest level since July 2024, and briefly dropped below 860 won. Markets are watching Warsh’s remarks, the prospect of further Bank of Korea tightening and any response from South Korean foreign-exchange authorities.