The won-dollar exchange rate fell to 1,337.1 won per dollar on Sept. 9 after reaching 1,559.2 won on July 1, as large-scale dollar conversions by Samsung Electronics and SK Hynix, a current-account surplus and exporter hedging supported the won. Some analysts expect further conversions linked to shareholder returns and major projects to push the rate into the 1,200 won range, while others see it rebounding toward the 1,400 won range in the fourth quarter as conversion demand fades, South Korea expands investment in the United States and the possibility of a Federal Reserve rate increase strengthens the dollar. The National Pension Service has halted FX hedging (currency-risk protection), and market participants increasingly view the low- to mid-1,300 won range as the de facto benchmark favored by foreign-exchange authorities.