USD 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 USD/KRW exchange rate?

The monetary policy of the Bank of Korea focuses on inflation targeting. The Bank of Korea works on setting mid-term inflation targets. Inflation targets are set for a two year period, but the Board may adjust their target if unexpected economic changes occur abroad or at home.2   

 

Korea follows a free-floating exchange rate system. Therefore, market factors will influence the relative value of the currency.


The USD/KRW exchange rate will depend, in part, on how Trump’s isolationist rhetoric affects policies and trade flows. Additionally, demand for primary exports, including integrated circuits, may play a role in the valuation of the Korean won.

USD/KRW Snapshot

“Over the past several decades, the R.O.K. (Republic of Korea) has achieved a remarkably high level of economic growth and is now the United States' sixth-largest goods trading partner with a trillion-dollar economy.” – U.S. Department of State4

 

  • In 2015, Korea was ranked 11th in GDP, while the United States ranked 1st.5

  • In 2014, South Korea was the 5th largest exporter and the 9th largest importer in the world, while the United States was the 2nd biggest exporter and biggest importer.6,7

  • Top exports from the U.S. to Korea include electrical machinery, optic and medical instruments, organic chemicals, machinery, and aircraft. Top imports to the U.S. from Korea include electrical machinery, mineral fuel and oil, iron and steel products, machinery, and vehicles.8

  • While U.S. direct investment in Korea is led by finance/insurance and manufacturing, direct investment in the U.S. by Korea is mainly within the wholesale trade sector.8

 

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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 USD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the KRW to USD 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. https://www.state.gov/r/pa/ei/bgn/2800.htm
  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/usa/
  8.  https://ustr.gov/countries-regions/japan-korea-apec/korea