1,128 Won Per Dollar, the Lowest in Four Years

The exchange rate of the Korean won (KRW) against the U.S. dollar (USD) dropped to nearly 1,120 won per dollar.

The won-dollar exchange rate dropped 4.60 won to close at 1,128.90 at the Seoul foreign exchange market on October 27.

This is the lowest point reached in four years since the rate sank to 1,128.50 on October 20, 2000.

The won-dollar rate has been steadily falling for six consecutive working days as it broke the 1,130 level just two days after the won-dollar fell below the 1,140 line.

The rate started off at 1,132.50 and dropped to as low as 1,126.60 at one point before closing on October 27.

The rate fell because of the increase of dollars that was put on the market for sale as the end of the month approaches while the dollar remains weak.

Experts at the foreign exchange market forecast that the won-dollar exchange rate will continue to fall as the KRW continues to gain value against the dollar.

Kang-Woon Lee kwoon90@donga.com