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 purchasing dollars to capitalize on the favorable exchange rate, according to recent reports. Park, a 30-something office worker, took action after seeing social media posts promoting Toss Bank's foreign currency account, which allows users to earn from exchange rate fluctuations without fees and with an easy-to-use platform.
She also expressed interest in dollar repurchase agreements (RPs), short-term investments that enable investors to earn interest by lending money to financial institutions in exchange for repurchased securities. The recent rise in the won's value can be attributed, in part, to an increase in dollar supply in Korea's foreign exchange market, driven by exporters.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- More Koreans buy dollars as won strengthens against greenback koreatimes.co.kr
