The Korean won’s two-month rebound extended further, climbing more than 200 won against the US dollar. On July 7, the exchange rate briefly touched the mid-1,330 won per dollar level, its strongest showing since October 4, 2024.

At around 9:30 a.m., the won traded at 1,338.5 won per dollar, up 11.9 won from the prior session’s close of 1,350.4. After opening at 1,347.8, it strengthened through the early trading hours, reaching as high as 1,331.3.

Since July 6—when the rate stood at 1,530.3 won—the currency has rallied sharply. Of the closing sessions over the past two months, the won weakened on only ten days and advanced on all others.

Market watchers had anticipated that stronger-than-expected US employment figures and renewed dollar selling by exporters might halt the won’s advance. Instead, both onshore and offshore participants have continued to position for further won strength. Reports suggest that exporters’ dollar-conversion volumes have declined recently, reducing immediate supply.

“The shift in market sentiment toward a stronger won appears durable,” says a KB Kookmin Bank researcher. “Even if optimism eases, the rate should remain in the mid-1,300s, and a move back toward the 1,400s seems unlikely. Export earnings are robust, ensuring ample dollar inflows that should more than offset overseas dollar demand.”