Here’s this week’s forecast for the Korean won-US dollar exchange rate from Hana Bank.
The weekly forecast is neither a guarantee nor a promise of accuracy and is intended to give our readers information on the forecasted foreign exchange rate from the bank each week.
Check out the most up-to-date foreign currency exchange rates for over 40 currencies here.
Trading range: 1,205 – 1,225 KRW per 1 USD
This week’s forecast:
While global oil prices are expected to rise slightly after the rollover to the June contract, the South Korean won is forecast to strengthen amid a slowdown in the coronavirus’s global spread and continued expectations about the U.S. and Europe getting businesses back on track.
Moreoever, the U.S. Fed’s easing policy in response to COVID-19 is expected to weaken the greenback, pushing the KRW-USD exchange rate downward this week.
Last week’s trend:
Amid signs of a slowdown in the global spread of the coronavirus, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up as the Bank of Korea offered commercial banks more funds through the U.S.-South Korea currency swap deal and exporters’ dollar-selling volume increased at the month-end period.
The KRW-USD rate then fluctuated in line with global oil prices, and the rate closed the week down as oil prices rallied after the mid-week point and foreigners’ net purchases on the domestic bourse increased as the U.S. moved in the direction of resuming economic activity.
Disclaimer: Neither Hana Bank nor Haps Korea shall accept any liability for any damage or loss, including but not limited to profit or loss, that may arise either directly or indirectly from use of this information.