Korean Won – US Dollar Weekly FX Rate Forecast

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: 1,240 – 1,320 KRW per 1 USD

This week’s forecast:

The effects of the U.S.-Korea currency swap deal were short-lived, and NYSE volatility is expected to increase this week. As the U.S. and European countries close their borders, domestic and global financial market volatility is forecast to further expand due to concerns about sluggish economic activity, marked by less consumer spending. Given such conditions, the KRW-USD exchange rate is expected to head toward the 1,300 level this week.

Last week’s trend:

Despite the Fed’s 2nd emergency rate cut, of 100 basis points, the NYSE fell nearly 13% and the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up. The KRW-USD rate’s upward trend continued, as greenback demand soared amid a shortage in the global market.

At mid-week, though Korean financial authorities took measures to stabilize the market, including raising the cap on foreign exchange forward positions at banks, the market continued to be unstable and the Dow Jones Industrial Average (DJIA) remained below 20,000.

At the end of the week, amid persisting fears about the coronavirus crisis, market stabilization measures were deemed ineffective as global demand for dollars grew. The KRW-USD rate soared, hitting its highest level in recent days, before turning down slightly after Korea and the U.S. signed a currency swap deal. 

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.

 

blank
Haps Staff
Is there something you'd like to see featured in Haps? Drop us a line: [email protected]

Subscribe to our newsletter

Twice-weekly updates to your inbox

The Latest

2020 Busan Night Walk 42K

The 42K Busan Night Walk is taking place this weekend at Samnak Ecological Park. Three courses -- 19km, 26k, and 42k will walk along courses along the Nakdong River.

부산 버스정류장 와이파이 무료! 세상에 공짜가 또 있다!

부산시 시민들의 대중교통이용 편의 증진과 가계통신비 절감을 위하여 8월 10일부터 버스정류장 등 635곳(703대)에 무료 공공와이파이 서비스를 본격 시행한다고 밝혔다.

South Korea’s Rainy Season Now Longest on Record

South Korea's annual rainy season has continued for 49 days now, the longest on record, and is poised to set a fresh record as more rains are forecast to pour down until mid-August.
Busan
broken clouds
29 ° C
29 °
29 °
79 %
5.1kmh
75 %
Wed
28 °
Thu
28 °
Fri
28 °
Sat
28 °
Sun
29 °

Dine & Drink

Travel