The South Korean won traded around 1,345 per dollar, reaching its strongest level since October 2024 as strong export earnings and continued foreign investment in Korean equities boosted demand for the currency. Cumulative exports reached a record $709.4 billion so far this year, surpassing South Korea’s 2025 annual record, while semiconductor exports rose 169.6% in January-August on strong demand for AI-related chips. Corporate dollar deposits at the country’s five major banks also climbed to roughly $77 billion, a record, as exporters held foreign-currency proceeds and delayed converting them into won. The currency has recovered roughly 250 won from its July low. Meanwhile, markets lifted the probability of a September Fed rate hike to around 60% from roughly 50%, maintaining pressure on the won.