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: 1,183 – 1,195 KRW per 1 USD
This week’s forecast:
As concerns eased over the impact of the Omicron variant, the KRW-USD rate will likely come under downward pressure. But, one is advised to keep an eye on upward factors including persisting inflation, the Fed’s acceleration of tapering, and wariness of earlier-than-expected rate hikes.
Also, any sharp slide will likely be curbed by settlement demand from importers.
Last week’s trend:
As investors became more risk-averse in the global financial market, the Korea Composite Stock Price Index(Kospi) plunged and in response, the KRW-USD exchange rate opened the week up. The rate then edged up slightly before trending downward, influenced by eased concerns about the Omicron variant and the resultant higher demand for risky assets.
Later in the week, the KRW-USD rate continued its downward trend on the back of high demand for risky assets. Yet, the rate’s floor was supported by dollar-buying volume from importers. As volatility decreased ahead of the Christmas holiday, the KRW-USD rate moved within a limited range and closed out the week slightly down.
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.