Weaker dollar and strong chip exports push won to near one-year high

TechFlow reports that on Monday, August 24, the Korean won rose to its highest level in nearly a year. The US dollar remained near multi-month lows, with uncertainty surrounding US Treasury repurchase agreements and sanctions on Iran weighing on the market. Dollar weakness provided some breathing room for Asian currencies. On Monday, the Korean won led gains, touching 1,376.5 against the dollar and marking its strongest level since mid-September 2025.

Apart from external factors, a surge in South Korea's semiconductor exports also bolstered the won, helping it withstand pressure from rising oil prices. Chris Wong, FX strategist at OCBC Bank, said, "Dollar selling by exporters and corporate clients, combined with the broader dollar weakness, appears to provide more sustained support for the won." (Jinshi)