“Won-Dollar Exchange Rate, 1,024 Won”

The won-dollar exchange rate fell to the 1,024 won level for the second consecutive day. Because of the fall, Korea’s leading export companies suffered from a slump in the stocks, which caused a decrease in the Korean Composite Stock Price Index.

The won-dollar exchange rate closed at 1,024.1 won in the Seoul Foreign Exchange Market on January 27, a drop of 4.6 won from the previous day.

At the start of the stock market, the won-dollar exchange rate dropped by three won with the announcement by the People’s Bank of China director who said that it was a good time to appreciate Chinese yuan.

After the People’s Bank of China rebuffed that the announcement was only an individual’s opinion, the won-dollar exchange rate increased slightly.

However, the won-dollar exchange rate fell to 1,024 won level with the export industry’s rush to sell dollars at the end of the market.

Meanwhile, the Korean Composite Stock Price Index closed at 921.59 points, a decrease of 3.28 points (0.35%) from the previous day.

Kyung-Joon Chung Jin-Hup Song news91@donga.com jinhup@donga.com