South Korean won trades at 1,359.7 per dollar as exporter selling offsets risks

  • The South Korean won fell 5.4 won to 1,359.7 per dollar at 9 a.m.
  • Semiconductor exporters’ dollar selling supported the won, while Japanese officials warned against yen weakness.
  • US yields, oil above $105, geopolitical tensions and weaker equities pressured market sentiment.

The South Korean won stood at 1,359.7 per dollar at 9 a.m. on the 29th, down 5.4 won, or 0.39%, from the previous session’s close, with trading expected to remain near 1,360. Dollar selling by major exporters, supported by semiconductor exports, and potential Japanese measures to strengthen the yen could provide support because the won and yen often move in the same direction. The currency has remained relatively resilient despite tensions between the US and Iran and rising US Treasury yields. Brent crude gained 0.92% to $105.28 a barrel, while the S&P 500 and Nasdaq Composite fell 0.77% and 0.92%, respectively. Earlier support also came from expectations for strong third-quarter results at Korean chipmakers, while the finance ministry and Bank of Korea agreed to strengthen financial-market cooperation.

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