| View previous topic :: View next topic |
| Author |
Message |
Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
|
 Posted: Wed Dec 06, 2006 9:48 pm Post subject: Won-Dollar Rates Hit 9-Year Low |
 |
|
I'm sure most of you are aware of this, but I thought I'd post it anyway.
| Quote: |
Won-Dollar Rates Hit 9-Year Low
By Lee Hyo-sik
Staff Reporter
The won closed sharply higher against the dollar Wednesday, rising for the sixth day on a globally weak dollar and the yen's steep ascent against the U.S. currency overnight, currency dealers said.
The won closed at 916.40 won to the dollar Wednesday, up 7.9 won from a day earlier, the strongest level for the won since Oct. 22 1997 when the won traded at 915 won. The won also closed at 799 won per 100 yen.
Currency traders and local exporters dumped dollars to buy won because of the Japanese yen's steep appreciation against the dollar overnight.
``Except for talk, there was no intervention by the financial authorities. The won-dollar rate has no other way to go but to fall without active intervention,'' a local bank dealer said.
The won is expected to maintain its strength on the dollar's overall weakness amid increasing signs pointing to a slowdown in the world's largest economy. Also, the record-high U.S. fiscal and current account deficits, and the U.S. Federal Reserve's reluctance to increase key interest rates due to the economic slowdown are projected to further strengthen the won.
A stronger won makes Korean goods expensive in overseas markets and erodes corporate earnings. The worsening business bottom line will also lead to a drop in corporate employment and investment, negatively affecting domestic consumption. |
http://times.hankooki.com/lpage/biz/200612/kt2006120617001411910.htm |
|
| Back to top |
|
 |
jennateacher
Joined: 21 Nov 2006
Location: Nonsan, Land of strawberries and rice
|
| Posted: Wed Dec 06, 2006 10:17 pm Post subject: |
|
|
| I have been waiting and watching. When I came to Korea it was 1200W to the dollar. |
|
| Back to top |
|
|
Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
|
| Posted: Wed Dec 06, 2006 10:23 pm Post subject: |
|
|
Yeah, that's what it was around the beginning of Jan 2004, maybe a tad under 1200.
Does anyone seeing it break below 900? |
|
| Back to top |
|
|
mole
Joined: 06 Feb 2003
Location: Act III
|
| Posted: Wed Dec 06, 2006 10:34 pm Post subject: |
|
|
grr.. I was totally broke when the bottom fell out in late '97. IMF for those that remember.
I wish I could have capitalized then. |
|
| Back to top |
|
|
Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
|
| Posted: Wed Dec 06, 2006 10:56 pm Post subject: |
|
|
Chosun (or somewhere) said that predictions had been the Won would stay at 900 next year, but that the dollar decline has been so rapid so fast that it may break down into to the 800's SOON. 
Yo ho, yo ho! |
|
| Back to top |
|
|
spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
|
| Posted: Wed Dec 06, 2006 10:59 pm Post subject: |
|
|
Bahts down to 35...  |
|
| Back to top |
|
|
Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
|
| Posted: Wed Dec 06, 2006 11:07 pm Post subject: |
|
|
Spliff,
Planning on retiring in Thailand?
Ya-Ta,
Funny post, are you a pirate?
Does anyone think the presidential election next year will change the outlook?
David |
|
| Back to top |
|
|
Real Reality
Joined: 10 Jan 2003
Location: Seoul
|
| Posted: Thu Dec 07, 2006 1:17 am Post subject: |
|
|
December 2006
South Korean Won: 1 USD = 923.8 KRW
http://www.x-rates.com/d/KRW/USD/hist2006.html
Japanese Yen: 1 USD = 115.188 JPY
http://www.x-rates.com/d/JPY/USD/hist2006.html
History
Korean Won to USD
1992 - 2,000,000 won at 767 KRW to US$1 (January 1992)...$US2608...
1993 - 2,000,000 won at 795 KRW to US$1 (January 1993)... $US2515...
1994- 2,000,000 won at 813 KRW to US$1 (January 1994)...$US2460...
1995 - 2,000,000 won at 793 KRW to US$1 (January 1995)... $US2522...
1996 - 2,000,000 won at 787 KRW to US$1 (January 1996)... $US2541...
1997 - 2,000,000 won at 854 KRW to US$1 (January 1997)... $US2341...
2005 - 2,000,000 won at 1000 KRW to US$1 (February 2005) ... $US2000...
Japanese Yen to USD
1992 - Japanese Yen to 1 USD January: 125 JPY, February: 128 JPY
1993 - Japanese Yen to 1 USD January: 125 JPY, February: 121 JPY
1994 - Japanese Yen to 1 USD January: 111 JPY, February: 106 JPY
1995 - Japanese Yen to 1 USD January: 100 JPY, February: 98 JPY
1996 - Japanese Yen to 1 USD January: 106 JPY, February: 106 JPY
1997 - Japanese Yen to 1 USD January: 117 JPY, February: 123 JPY
2005 - Japanese Yen to 1 USD January: 103 JPY, February: 105 JPY
http://www.x-rates.com/cgi-bin/hlookup.cgi
2000 - South Korean Won to 1 USD
January: 1130.99 KRW (20 days average)
February: 1129.75 KRW (20 days average)
March: 1116.39 KRW (23 days average)
April: 1110.32 KRW (20 days average)
May: 1119.49 KRW (22 days average)
June: 1117.93 KRW (22 days average)
July: 1115.08 KRW (20 days average)
August: 1114.47 KRW (23 days average)
September: 1117.57 KRW (20 days average)
October: 1131.1 KRW (21 days average)
November: 1156.54 KRW (21 days average)
December: 1216.93 KRW (20 days average)
http://www.x-rates.com/d/KRW/USD/hist2000.html
1996 - South Korean Won to 1 USD
January: 787.13 KRW
February: 780.12 KRW
March: 781.31 KRW
April: 780.42 KRW
May: 780.86 KRW
June: 798.45 KRW
July: 813.03 KRW
August: 817.52 KRW
September: 822.4 KRW
October: 828.24 KRW
November: 830.56 KRW
December: 841.92 KRW
http://www.x-rates.com/d/KRW/USD/hist1996.html
1995 - South Korean Won to 1 USD
January: 793.08 KRW
February: 793.2 KRW
March: 781.81 KRW
April: 770.61 KRW
May: 764.43 KRW
June: 763.88 KRW
July: 760.05 KRW
August: 767.42 KRW
September: 772.04 KRW
October: 767.2 KRW
November: 769.78 KRW
December: 771.31 KRW
http://www.x-rates.com/d/KRW/USD/hist1995.html
1994 - South Korean Won to 1 USD
January: 813.545 KRW
February: 812.242 KRW
March: 810.687 KRW
April: 811.71 KRW
May: 809.79 KRW
June: 809.864 KRW
July: 808.39 KRW
August: 806.83 KRW
September: 803.69 KRW
October: 801.975 KRW
November: 799.455 KRW
December: 794.814 KRW
http://www.x-rates.com/d/KRW/USD/hist1994.html
1993 - South Korean Wons to 1 USD
January: 794.872 KRW
February: 799.253 KRW
March: 796.417 KRW
April: 798.614 KRW
May: 803.195 KRW
June: 805.914 KRW
July: 809.581 KRW
August: 811.941 KRW
September: 811.843 KRW
October: 813.45 KRW
November: 809.79 KRW
December: 812.57 KRW
http://www.x-rates.com/d/KRW/USD/hist1993.html
1992 - South Korean Wons to 1 USD
January: 767.09 KRW
February: 769.933 KRW
March: 775.675 KRW
April: 783.005 KRW
May: 787.353 KRW
June: 793.6 KRW
July: 789.927 KRW
August: 792.562 KRW
September: 788.761 KRW
October: 786.79 KRW
November: 787.095 KRW
December: 791.745 KRW
http://www.x-rates.com/d/KRW/USD/hist1992.html
1991 - South Korean Wons to 1 USD
January: 720.825 KRW
February: 723.971 KRW
March: 727.732 KRW
April: 728.357 KRW
May: 727.99 KRW
June: 727.972 KRW
July: 731.764 KRW
August: 733.905 KRW
September: 744.179 KRW
October: 753.54 KRW
November: 757.437 KRW
December: 761.681 KRW
http://www.x-rates.com/d/KRW/USD/hist1991.html
1990 - South Korean Wons to 1 USD
January: 686.184 KRW
February: 692.474 KRW
March: 700.495 KRW
April: 708.715 KRW
May: 711.848 KRW
June: 718.071 KRW
July: 718.745 KRW
August: 718.259 KRW
September: 717.874 KRW
October: 717.761 KRW
November: 717.03 KRW
December: 718.575 KRW
http://www.x-rates.com/d/KRW/USD/hist1990.html |
|
| Back to top |
|
|
poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
|
| Posted: Thu Dec 07, 2006 2:59 am Post subject: |
|
|
| Its GREAT! I wired out 1,400,000 yesterday, and including the 18000 transfer charge, came to 1508US on the other end. Free money baby, free money!!! |
|
| Back to top |
|
|
flakfizer
Joined: 12 Nov 2004
Location: scaling the Cliffs of Insanity with a frayed rope.
|
| Posted: Thu Dec 07, 2006 4:33 am Post subject: |
|
|
| mole wrote: |
grr.. I was totally broke when the bottom fell out in late '97. IMF for those that remember.
I wish I could have capitalized then. |
You and me both. I had saved up some money from my first two stints here back when the won was around 780 a dollar. I was about to come back to Korea for a third stint when the crisis hit. When I saw the won was around 1600 to the dollar, I planned to bring over quite a few dollars and exchange them, hoping for the won to appreciate again by the time I went back home. My dad talked me out of it. Thought it was too risky. Lost out on that one. |
|
| Back to top |
|
|
hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
|
| Posted: Thu Dec 07, 2006 4:51 am Post subject: |
|
|
| spliff wrote: |
| Bahts down to 35... |
UGHHH planning to go there in Jan. In July it was around 40
oh well thanks W for using a weak dollar to pay for your deficits  |
|
| Back to top |
|
|
braunshade
Joined: 19 Apr 2006
Location: Somewhere better!
|
| Posted: Thu Dec 07, 2006 7:19 am Post subject: |
|
|
I bought some USD cash today at Hana Bank at 935 won= $1.
Pretty good!! |
|
| Back to top |
|
|
trinity24651
Joined: 05 Nov 2006
|
| Posted: Thu Dec 07, 2006 11:46 am Post subject: |
|
|
| I'm a little slow on the uptake so help me out here. Does this mean that I will be doing better financially when I get to Korea? |
|
| Back to top |
|
|
Nemo
Joined: 28 May 2006
|
| Posted: Thu Dec 07, 2006 11:50 am Post subject: |
|
|
| Yes. You will be getting more USD for less KRW. |
|
| Back to top |
|
|
trinity24651
Joined: 05 Nov 2006
|
| Posted: Thu Dec 07, 2006 12:33 pm Post subject: |
|
|
| Happy days, happy days!! |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
