Dollar Exchange Rate Collapses to 980 won
It is surprising that the dollar exchange rate unexpectedly collapsed yesterday to 980 won. The exchange market opened at 982 won per dollar and closed at 975 won.
It is first time since Nov. 7, 1997 that the dollar exchange rate fell below 980 won. This dramatic downturn has been on from the beginning of the year 2006. In the morning market yesterday, the exchange rate resumed at over 980 won. One expert predicts that this market trend is because of unbalanced dollar reserves and the Korean economy continuing to operate in the black.
A Busan Bank source says, “It is expected that the dollar exchange rate will continue in this state for a while.” An LG analyst says, “The drop in the exchange rate has two faces: the positive one is it can trigger domestic consumption, whereas there is a negative influence on exports,” adding, “But in the end, it is pessimistic that the continued fall of the exchange rate will influence the overall Korean economy.”
|
 / 입력시간: 2006. 01.10. 09:23
|
|
|
