As the won-to-U.S. dollar exchange rate inches closer to the 1-thousand-500 won level, the average exchange rate for the fourth quarter of this year also jumped to the highest level since the 2009 financial crisis.
According to the Bank of Korea on Tuesday, the average won to U.S. dollar exchange rate, based on the daily closing price for the fourth quarter this year, stood at 1-thousand-398-point-7-5 won.
That’s the highest level in 15 years and 9 months, since the first quarter of 2009 during the global financial crisis.
The won weakened in the fourth quarter after the re-election of Donald Trump, and the domestic political instability that followed the emergency martial law declaration.
The U.S. Fed’s recent rate cuts also contributed to the stronger greenback.
Source : Arirang TV, https://www.arirang.com/news/view?id=279482
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