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An employee at Hana Bank’s Counterfeit Notes Response Center sorts through US dollars. (Yonhap)

The won-dollar exchange rate began trading on Thursday at 1,453.0 won on the Seoul foreign exchange market. That was 17.5 won higher than the rate at the end of trading on Wednesday (1,435.5 won).

The last time the won-dollar exchange rate rose above 1,450 won was 15 years and nine months ago, on March 16, 2009, in the middle of the global financial crisis triggered by US subprime mortgages.

The exchange rate rose alongside US treasury yields and the dollar after the US Federal Reserve announced it plans to lower its benchmark interest rate next year.

According to the Korea Center for International Finance, the won-dollar exchange rate ended trading on Wednesday at 1,451.1 won (accounting for swap points) at the New York non-deliverable forwards market.

Seoul’s stock market also tumbled. The KOSPI began trading down 2.33% (57.88), at 2,426.55. The KOSDAQ entered trading at 682.53, down 2.16% (15.04). 

By Jeong Nam-ku, staff reporter

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