South Korean won rises on export gains

According to data from the South Korean Central Bank, the Korean Won gained strength against the dollar due to rising exports, recording an average of 1,342.6 Won per dollar in early October, the lowest level since September 2024. This is attributed to a trade surplus and an abundance of dollars resulting from exporters selling their foreign currency in the market. Additionally, the International Monetary Fund (IMF) has raised South Korea’s economic growth forecast for 2026 to 3.3%, with expectations remaining that the Central Bank will not change interest rates at its upcoming meeting, as it avoids a further rate hike to prevent burdens on households and businesses.

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