Biden’s won / dollar exchange rate of 1,110 won … Lowest in 22 months

(Seoul = Yonhap News) Reporter Kim Nam-kwon = On the 9th, the won / dollar exchange rate fell below 1,120 won, the lowest in 22 months.

On this day, the won / dollar exchange rate in the Seoul foreign exchange market closed at 1,113.9 won, down 6.5 won from the previous trading day’s closing price.

It’s the lowest level in 1 year and 10 months since January 31 (1,112.7 won) last year.

On this day, the exchange rate dropped 0.4 won to 1,120.0 won, so the drop increased.

When Democratic candidate Joe Biden was elected in the US presidential election, the preference for risky assets like currencies in emerging countries became stronger.

In addition to resolving the uncertainties in the US presidential election, the biden administration’s anticipation of a massive stimulus package has fueled the prospect of a weak dollar.

Unlike the Trump administration, which has continued a strong confrontation with China, there are also remarks that the Biden administration will ease the trade conflict between the US and China.

Shinhan Bank researcher Baek Seok-hyun said, “The observation that the Biden administration is different from the Trump administration, which reportedly used tariff cards, affected the overall decline in exchange rates for Asian currencies.”

On this day, the exchange rate lowered its low to 1,112.6 won during the intraday to coincide with the strong yuan.

With the exchange rate dropping to the first 1,110 won range, the market is drawing attention to where the lower support line is.

In the medium to long term, the global dollar is expected to weaken in the medium to long term, but the re-proliferation of the novel coronavirus infection (Corona 19) in major US countries and Europe and fear of government intervention are factors. which prevent a further drop in the exchange rate. .

At the same time, the KRW / JPY financial exchange rate was KRW 1,075.92 per 100 yen, down KRW 5.6 from the standard price (KRW 1,081.52) as of 15:30 on the previous trading day.

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2020/11/09 15:39 sent