Won-Dollar exchange rate surpasses 1,450 won for the first time in 15 years and 9 months

Won-Dollar exchange rate tops 1,450 won in early trading on strong dollar

It is the first time in 15 years and 9 months that the intraday exchange rate has exceeded 1,450 won

KOSPI and KOSDAQ both start sharply lower by more than 2 percent

[Anchor]
The won-dollar exchange rate surpassed 1,450 won in early trading due to the strong dollar on the prospect of a delay in the U.S. benchmark rate cut.

Our stock market started sharply today (19th) with both KOSPI and KOSDAQ plunging more than 2%.

I'm connecting with the reporter. Reporter Choi Doohee!

Today's won-dollar exchange rate is the highest in 15 years and 9 months?

[Reporter]
Yes. In the Seoul foreign exchange market, the won-dollar exchange rate started trading at 1,453 won, up more than 17 won from the previous trading day.

It is the first time in 15 years and 9 months that the intraday exchange rate has exceeded KRW 1,450 since March 16, 2009, during the global financial crisis.

In the Seoul foreign exchange market, the won-dollar exchange rate is currently around 1,450 won.

Earlier yesterday (18th), foreign investors turned to net buying for the first time in seven trading days, and the KOSPI, which had rebounded for the first time in three trading days, also froze again in a day.

In the stock market today (19th), the KOSPI started at 2,426.55, down more than 2% from the previous trading day.

Currently, the fall is being reduced to around 1%.

The KOSDAQ index also opened at 682.53, down more than 2% from the previous trading day, and like the KOSPI, it is reducing its fall to around 1%.

Last night, the U.S. Federal Reserve decided to cut its key interest rate by a quarter of a percentage point.

However, as the Fed hinted at slowing down the rate cut next year, not only the value of the won but also our stock market seems to have started sharply.

Earlier, the U.S. stock market in New York also plunged.

[Anchor]
In this situation, the foreign exchange authorities also issued a message to stabilize the market, right?

[Reporter]
Yes. Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok held a macroeconomic and financial meeting this morning (19th) and predicted that the Korean financial and foreign exchange markets could also experience increased volatility in the short term as a result of the U.S. Fed meeting.

However, he said he would boldly and quickly implement additional market stabilization measures in response to excessive volatility.

Let's listen to Deputy Prime Minister Choi.

[Choi Sang-mok / Deputy Prime Minister and Minister of Strategy and Finance: The Korean financial and foreign exchange markets are also expected to see increased volatility in the short term, as major currencies around the world have weakened significantly. However, excessive leaning in one direction may involve a large reaction in the opposite direction in the future. As a result, it is time for market participants to respond calmly. The government and the Bank of Korea will continue to operate the 24-hour financial and foreign exchange market inspection system with high vigilance and implement additional market stabilization measures boldly and quickly in case of excessive volatility.]

In addition, Deputy Prime Minister Choi added that next year's economic policy direction will include measures to improve foreign exchange supply and demand to stabilize the foreign exchange market and secure foreign currency liquidity.

Yoo Sang-dae, vice president of the Bank of Korea, also stressed that if financial and foreign exchange market volatility expands excessively, market stabilization measures will be implemented quickly.

This has been YTN's Choi Doohee.