April 27, 2024
Economy
Won-dollar exchange rate volatility hits 6-year high
[THE INVESTOR] The won-dollar exchange rate hit a six-year high in 2016, according to central bank data on Jan. 19.
According to data compiled by the Bank of Korea, the daily foreign exchange variation of the won-dollar rate averaged 0.65 percent in 2016, marking the highest level since 2010 when the figure hit 0.81 percent. The figure refers to how much the rate changes compared with the previous day‘s closing price.
“Increased fluctuations were attributable to concerns over slowing demand from China, Brexit and expected US rate hikes,” said an official handling the issue at the BOK.
On Jan. 19, the South Korean currency closed at 1,166.75 won against the US dollar, up 7.75 won from the previous session’s close.
(theinvestor@heraldcorp.com)
According to data compiled by the Bank of Korea, the daily foreign exchange variation of the won-dollar rate averaged 0.65 percent in 2016, marking the highest level since 2010 when the figure hit 0.81 percent. The figure refers to how much the rate changes compared with the previous day‘s closing price.
“Increased fluctuations were attributable to concerns over slowing demand from China, Brexit and expected US rate hikes,” said an official handling the issue at the BOK.
On Jan. 19, the South Korean currency closed at 1,166.75 won against the US dollar, up 7.75 won from the previous session’s close.
(theinvestor@heraldcorp.com)
