USD/KRW Falls to 1,462.50 Won on July 28, Lowest Since May 7

According to Yonhapinfomax, on July 28, the USD/KRW exchange rate dropped 6.00 won to close at 1,462.50 won, marking its lowest level since May 7. The decline was driven by continued dollar selling by SK Hynix related to its U.S. dollar-denominated ADR offering and month-end dollar conversion by major exporters. SK Hynix alone sold over $2 billion on the day, while currency futures markets saw a sharp reversal as foreign investors shifted from a net long position of 60,000 contracts the previous day to a net short position of 43,000 contracts.

KOSPI and KOSDAQ both triggered circuit breakers during the session, falling 10.84% and 7.72% respectively, as foreign investors sold off approximately 5 trillion won in equities. Currency traders noted the supply-demand dynamics pointed to potential further declines if month-end settlement volumes increased.