The exchange rate of the Korean won has reached the highest level of the year, surpassing the mark of 1310. On Tuesday, the dollar-to-won exchange rate soared by 8.2 won (fell in value of won) from the previous trading day to close at 1,312.1 won. This is the highest closing price in 13 years since July 13, 2019 when it hit 1315.0 won during the global financial crisis.
The won-dollar exchange rate jumped to 1,316.4 during the day, reaching a new high in four trading days since July 6 (1311.0 won). The value of the South Korean currency fell against the stronger dollar amidst the growing concerns that the energy crisis triggered by the prolonged war in Ukraine will lead to recessions in Europe and other major economies. The benchmark KOSPI tumbled by 22.51 points (0.96%) to close at 2,317.76, with the KOSDAQ index tanking by over 2 percent.
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