USD-KRW NDF Declines to 1,479.20 Won After BOK Rate Hike

The USD-KRW 1-month NDF contract closed at 1,479.20 won in overnight New York trading, down 0.35 won from Seoul's 1,480.40 won close after adjusting for swap points. The Bank of Korea raised rates by 25 basis points the previous day and signaled further hikes. A 4.29% drop in the Philadelphia Semiconductor Index triggered risk-off sentiment that reversed earlier declines.

USD-KRW 1-Month NDF Closes at 1,479.20 Won with Narrow Bid-Ask Spread

Overseas brokers reported the USD-KRW 1-month NDF closed at 1,479.20 won (MID) in overnight trading. The bid price stood at 1,479.00 won and the ask price at 1,479.40 won. After accounting for the latest 1-month swap points of -0.85 won, the contract declined 0.35 won compared to the Seoul foreign exchange market's 3:30 PM close of 1,480.40 won.

Bank of Korea 25bp Rate Hike Pushes USD-KRW to Late 1,470s Intraday

The Bank of Korea raised the base rate by 25 basis points the previous day and signaled an additional tightening stance. The USD-KRW exchange rate fell to the late 1,470s intraday through London and New York trading sessions following the central bank's policy decision.

Philadelphia Semiconductor Index 4.29% Drop Reverses USD-KRW to 1,480s

Risk-off sentiment strengthened centered on technology stocks after the initial decline. The Philadelphia Semiconductor Index plunged 4.29%, causing the USD-KRW rate to return to the 1,480s in the spot market. The rate closed at 1,482.00 won as of 6 AM.

Cross-Currency Rates Show USD-JPY at 162.37 Yen at Market Close

At the close of trading, the USD-JPY exchange rate stood at 162.37 yen and the EUR-USD rate at 1.1443 dollars. The USD-CNH rate was recorded at 6.7735 yuan.

FAQ

What was the closing rate for the USD-KRW 1-month NDF in overnight trading?
The USD-KRW 1-month NDF closed at 1,479.20 won (MID) in overnight New York trading, with a bid price of 1,479.00 won and an ask price of 1,479.40 won.

Why did the USD-KRW rate fall to the late 1,470s during the session?
The Bank of Korea raised the base rate by 25 basis points the previous day and signaled further tightening, pushing the USD-KRW exchange rate to the late 1,470s intraday through London and New York sessions.

How did the Philadelphia Semiconductor Index affect the USD-KRW rate?
The Philadelphia Semiconductor Index dropped 4.29%, triggering risk-off sentiment that caused the USD-KRW rate to reverse from the late 1,470s back to the 1,480s, closing at 1,482.00 won as of 6 AM.