More Koreans buy dollars as won strengthens against greenback
When the won-dollar exchange rate fell below the 1,400-won mark in mid-August for the first time in nearly a year, Park, an office worker in her 30s, began looking for ways to buy U.S. dollars and take advantage of the stronger won. “I came across some social media posts recommending Toss Bank’s foreign currency account as a way to make money from exchange rate movements, so I opened one,” she…
As the South Korean won has strengthened against the U.S. dollar, more Koreans are turning to dollar investments, such as repurchase agreements (RPs), according to recent reports. Park, a 30-something office worker, is one of many who began actively seeking ways to capitalize on the currency shift when the exchange rate dipped below 1,400 won in mid-August for the first time in nearly a year.
She found Toss Bank's foreign currency account to be an accessible option, with no fees and an easy-to-navigate interface. The strengthening won can be attributed to an increase in dollar supply in Korea's foreign exchange market, driven by exporters.
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Also reported by 1 other outlet
- More Koreans buy dollars as won strengthens against greenback koreatimes.co.kr
