The Korean won closed at 1,368.6 per dollar on Aug. 31, down 61.2 won from 1,429.8 at July-end and its strongest 3:30 p.m. close since July 24, 2025. Won appreciation widened the gap between currency-hedged and unhedged U.S. equity ETFs: TIGER US S&P500(H) gained 2.06% in August while the unhedged fund fell 2.13%, and corresponding Nasdaq-100 funds returned 3.22% and minus 1%. The rate opened at 1,368.3 on Sept. 1, down 0.3 won, after overnight non-deliverable forwards pointed to a softer start, and was seen fluctuating in a limited 1,360–1,370 band as continued exporter dollar selling met bargain hunting, overseas-stock demand, a Dollar Index drop below 100 and Middle East-driven oil and safe-haven pressures.