Airport currency exchange counter won-dollar exchange rate rises to 1,624 won

The wontodollar exchange rate continued its upward trend, surpassing the 1,560 won level, and warning lights came on in the foreign exchange market. High oil prices caused by the U.S.Iran war, foreign selling in the domestic stock market, and the possibility of a U.S. benchmark interest rate hike were cited as factors intensifying the won's weakness. On the 7th, the government held an emergency market situation review meeting and said it would take measures to stabilize the exchange rate. In the Seoul foreign exchange market, the wontodollar exchange rate rose as high as 1,561.5 won during trading, and the dollar cash purchase rate at airport exchange counters was quoted at 1,624 won. Experts said that even if geopolitical tensions ease, the high exchange rate level may continue for the time being due to external variables such as investment in the U.S. It was pointed out that policy preparations are also needed for the impact on inflation, interest rates, and domestic demand, along with the response of the foreign exchange authorities.