Forex Market Goes 24/7 as Dollar Trades Around 1530 Won

South Korea's foreign exchange market has transitioned to a 24-hour trading system starting June 6. Under this new system, the domestic forex market will operate continuously from Monday 6 AM to Saturday 6 AM KST.

The won-dollar exchange rate opened at 1527.6 won in the Seoul foreign exchange market and was trading at 1527.30 won as of 10:13 AM. The dollar index, which measures the dollar's value against six major currencies, was down 0.005 to 100.867 compared to the previous trading day, while the yen-dollar exchange rate fluctuated in the 161 yen range. The won-yen cross rate rose 1.93 won from the previous day's closing price to 949.57 won per 100 yen.

Goo Yoon-cheol, Deputy Prime Minister and Minister of Economy and Finance, visited the 'Hana Infinity Seoul' dealing room at Hana Bank in Jung-gu, Seoul, to check the foreign exchange market's operational status. Together with Kwon Min-soo, Deputy Governor of the Bank of Korea, Ham Young-joo, Chairman of Hana Financial Group, and Lee Ho-sung, President of Hana Bank, Goo confirmed the first won-dollar trade process after the system transition via video conference with Samsung Electronics.

Goo stated that this transition to a 24-hour forex market operation system is a starting point for the global leap of the Korean won and will enhance the attractiveness of Korea's capital market and the won.