[Infostock Daily= Choi Jae-young, senior reporter] The won-dollar exchange rate has surpassed the 1280 won mark. The spread of new coronavirus infections (Corona 19 or COVID-19) around the world is seen as a result of the growing fear of economic downturn.
The won-dollar exchange rate in the Seoul foreign exchange market started at 1257.0 won, up 11.3 won from the previous trading day (1245.7 won).
Since then, it has expanded its rise to exceed 1270 won, and it has pointed to 1287.76 won as of 11:12 am, up 26.98 won (2.12%) from the previous trading day.
The won-dollar exchange rate rose to its highest level since May 25, 2010, (1277 won).
The won-dollar exchange rate soared to 1296.0 won during the session, the first time since July 14, 2009 (1303.0 won).
The surge in the won-dollar exchange rate is due to the growing anxiety in the financial market due to the global spread of Corona 19.
“Investors and companies are indiscriminately selling financial assets and focusing on securing cash, and financial market instability is growing, with the stock index falling more than 30% in the aftermath,” the Wall Street Journal said.
The current economic slowdown has also seen the opposite of government bonds and high-quality corporate bonds, which are considered safe assets, and the perception that the economic impact of Corona 19 is difficult to predict is spreading around the world.
Experts predict that uncertainties in the financial market will not be eased in a short period of time, considering this situation.
Experts predict that the won-dollar exchange rate will rise for the time being, and it is likely to exceed the 1,300 won level.
Senior Reporter Choi Jae-young caelum@infostock.co.kr