Dollar-Won Trades in Mid-1,470s in London Session—Down 0.20 Won

(Seoul=Yonhap Infomax) Seon Mi Jeong—The dollar-won exchange rate traded in the mid-to-high 1,470 won range during the London session.

Despite news that South Korea's foreign exchange authorities will launch a consultative body with the National Pension Service (NPS) to stabilize the FX market, upward pressure on the won remains persistent.

As of 17:13 KST on the 24th, the dollar-won rate stood at 1,475.40 won, down 0.20 won from the previous session, according to the foreign exchange market.

At 15:30 KST, the dollar-won closed the regular session at 1,477.10 won, up 1.50 won from the previous close—marking the highest level since April 9.

At 16:00 KST, the Ministry of Economy and Finance, Bank of Korea, Ministry of Health and Welfare, and the National Pension Service announced the formal launch of a four-party consultative body aimed at leveraging NPS resources to stabilize the FX market.

The Ministry of Economy and Finance stated that the four institutions held their first meeting and will discuss ways to balance NPS investment returns with FX market stability through this consultative body.

During the regular session, the dollar-won briefly dipped below the 1,470 won level in early trading, driven by heightened expectations for a U.S. rate cut in December.

However, the exchange rate rebounded as foreign investors continued to sell off South Korea's benchmark KOSPI index, with net sales of 2.8 trillion won ($2.1 billion) on the 21st and over 400 billion won ($300 million) on the 24th.

Despite the announcement of the four-party consultative body, the exchange rate remained above 1,475 won, showing little immediate reaction.

Later tonight, the Federal Reserve Bank of Dallas will release its November manufacturing activity index.

At the same time, the dollar-yen rate was 156.670 yen, up 0.291 yen from the New York session, while the euro-dollar traded at 1.15260, up 0.00090 dollars.

The yen-won cross rate was 941.35 won per 100 yen, and the yuan-won rate was 207.8 won.

The offshore dollar-yuan (CNH) rate stood at 7.1068 yuan.

smjeong@yna.co.kr

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