Korean won strengthens against US dollar after BOK holds key rate

The Korean won strengthened against the U.S. dollar on Thursday following a decision by the Bank of Korea (BOK) to hold its key interest rate steady at 3 percent. According to The Korea Times, the won was quoted at 1,324.2 won per dollar at 3:30 p.m., an increase of 1 won from the previous session's close. This marked the fifth consecutive session where the won reached its highest level since October 2, 2024.

The BOK's decision to maintain the rate was widely expected, though the central bank hinted at the possibility of further tightening. BOK Governor Shin Hyun-song told reporters that the won remains undervalued based on the effective exchange rate. The currency has appreciated to approximately 1,320 won per U.S. dollar from levels near 1,560 won in June, as reported by The Korea Times.

Brief written by urgent.news from The Korea Times, The Korea Times — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.