‘원화 가치’ 가파른 상승에 달러·엔 ‘예금도 환전도’ 최대치

The Korean won's value has been skyrocketing, causing both dollars and yen to experience record highs. As the won's value has increased, there has been a surge in both dollar deposits and yen conversions. Over the past three days, the combined dollar deposits at South Korea's five major commercial banks (KB KEB, Shinhan, Hana, Woori, and NH Dairy) have reached a total of $769.83 billion, marking the highest level since 2021.

This figure represents a $69.5 billion increase from August alone and an additional $6.43 billion over the span of three business days. The exchange rate of 1,345.0 won is the lowest point since October 8, 2024, and represents a decline of just two and a half months from its peak of 1,599.2 won in July 2024. The increase in dollar deposits has been driven by companies holding larger sums of dollars, with corporate dollar deposits reaching an all-time high of $633.2 billion as of three days ago.

Similarly, individual dollar deposits have also reached an all-time high of $136.81 billion since February 2022. Analysts suggest that this trend is due to export companies delaying dollar sales and import companies actively purchasing dollars. As the won's value rises, there is also a growing demand for exchanging won into dollars.

The five major banks have seen a total of $60 million in dollar conversions over the past three days, the highest level since September. Similarly, yen conversions have also reached a record high, with $6 billion in conversions over the past month, the highest figure since January 2021. However, the amount of yen obtained through conversions has been significantly lower, accounting for only one-third of the dollar conversion figure.

NH Dairy Cooperative Bank, a key player in the FX derivatives market, noted that individuals have been buying dollars due to the recent steep decline in the won-to-dollar exchange rate, and there has also been an increase in demand for dollars for investments in US stocks. The won-yen exchange rate has fallen to as low as 850 won per 100 yen, indicating a strong demand for yen among investors.

As the won-yen exchange rate continues to decline, the demand for purchasing yen at lower prices is expected to increase, leading to a record high in yen deposits at major banks. The won-yen exchange rate has been on a downward trend since July 23, falling below 900 won for the first time in a year and eight months. In the past three days, the total amount of won-to-yen conversions has reached 630 billion yen, accounting for 22% of the 282.3 billion yen converted during the same period in August.