South Korean Won Hits Two-Month Low at 1,478.4 Against Dollar, Down 4.58% Since Late June

According to Hankyung, the Korean won-dollar exchange rate fell to 1,478.4 won on July 20, marking its lowest level in two months and down 4.58% from 1,549.4 won at the end of June. SK Hynix's ADR offering raised approximately $26.5 billion, which was converted to Korean won and supplied dollars to the foreign exchange market, contributing to the won's strength.

The Bank of Korea's decision to raise the benchmark interest rate from 2.5% to 2.75% on July 16 also supported the won's appreciation. Additionally, foreign investors' net purchases of domestic stocks totaled 222.6 billion won over the past week, marking a return to buying positions.