AUD to KRW Exchange Rate

Ah, Korea: Where else can you indulge in kimchi, visit the oldest astronomical observatory in Asia, and shop at some of the world’s largest malls.

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What influences the AUD/KRW exchange rate?

The monetary policy of the Bank of Korea is inflation targeting. The Bank of Korea works on setting mid-term inflation targets. An inflation target has already been set for a period that runs from 2016 to 2018, but the Board plans on adjusting their target if unexpected economic changes occur abroad or at home.2

 

Korea follows a free-floating exchange rate system. The exchange rates of the KRW against other currencies are calculated by a brokerage company daily. They’re then used as reference rates for accounting, taxation, and statistics.3

 

KRW exchange rates against currencies other than the USD are “arrived at by arbitrating between the USD rates of foreign currencies in the international markets and the basic exchange rate of the KRW against the USD.”3 Therefore, the value of the USD may factor into the AUD/KRW exchange rate.


As a commodity currency, the Aussie dollar is influenced by demand from critical trade partners like China and India for iron ore, gold and oil.

AUD/KRW Snapshot

“The ROK (Republic of Korea) is Australia's fourth-largest overall trading partner.” – Australian Government Department of Foreign Affairs & Trade4

 

  • In 2015, the ROK was Australia’s 3rd biggest merchandise export market and its 4th biggest source of goods and services imports.4

  • In 2015, Korea was ranked 11th in GDP, while Australia ranked 12th.5

  • South Korea’s top exports include refined petroleum, passenger and cargo ships, LCDs, integrated circuits, and cars. Its top imports include petroleum gas, crude petroleum, integrated circuits, coal briquettes, and refined petroleum.6

  • In 2014, South Korea was the 5th largest exporter and the 9th largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.6,7

 

Whether you’re planning on doing business in Korea or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Korea, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.

 

Currency Name: Korean Won

Currency Code: KRW

Currency Symbol:

Central Bank: Bank of Korea

Countries Used In: Republic of Korea

Major Unit: One Won

Minor Unit: One Jeon = 1/100 of a Won

Note Denominations: ₩1,000, ₩5,000, ₩10,000, ₩50,000

Coin Denominations: ₩10, ₩50, ₩100, ₩500

 

KRW to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the KRW to AUD exchange rate today.

Sources:

  1. https://www.factretriever.com/south-korea-facts
  2. http://www.bok.or.kr/broadcast.action?menuNaviId=1612
  3. http://www.bok.or.kr/broadcast.action?menuNaviId=690   
  4. http://dfat.gov.au/geo/republic-of-korea/Pages/republic-of-korea-south-korea-country-brief.aspx  
  5. http://databank.worldbank.org/data/download/GDP.pdf
  6. http://atlas.media.mit.edu/en/profile/country/kor/
  7. http://atlas.media.mit.edu/en/profile/country/aus/