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: 1,210 – 1,235 KRW per 1 USD
This week’s forecast:
Although Beijing is carrying out economy stimulus plans to prevent a recession, the stagnant Chinese economy may influence the domestic Korean economy as the two countries’ economies are tightly interwoven.
Moreover, the number of cases of coronavirus is growing at its fastest pace ever in Korea, which now has the 2nd-largest number of cases after China, and concerns about the financial market are growing severe. In such an environment, the Korean won is forecast to remain weak throughout this week.
Last week’s trend:
Despite a sharply rising Chinese stock market and strong renminbi as China’s central bank injected liquidity into the market, the Korean won-U.S. dollar (KRW-USD) exchange rate opened the week up due to high dollar-payment demand and concerns about a sluggish Asian economy.
Alongside the rising Chinese yuan, the KRW-USD rate continued along its upward trend due to expectations of a Korean benchmark rate cut. At mid-week, the number of confirmed cases of coronavirus surged in Daegu, and the KRW-USD rate approached the 1,200 won level.
Reflecting the dramatic increase in coronavirus cases in North Gyeongsang Province surrounding Daegu, the KRW-USD exchange rate ended the week up amid concerns about the domestic economy and a weaker Chinese yuan.
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.