Won closes at 1,340.5 per dollar on September 7, 2026 — 220 stronger in two months
The won closed at 1,340.5 per dollar in Seoul's onshore trading on September 7, 2026, down 9.9 from the previous session's close of 1,350.4. It opened at 1,347.8, fell below 1,340 around 9:30 am and reached 1,334.7 shortly after 10:00, the strongest intraday reading since October 4, 2024, when it touched 1,331.3 — a gap of about 23 months. The longer arc matters more: from the intraday high of 1,559.2 on July 1, the won has gained more than 220 against the dollar in roughly two months, over 14 percent. Three forces converged on the supply side. The yen strengthened toward 155 per dollar as intervention fears prompted an unwinding of short-yen positions, lifting Asian currencies. Exporters converted dollars on the back of record semiconductor shipments. And foreign equity buying added dollar supply on a day the KOSPI closed 4.61 percent higher
The three lines
- Close — 1,340.5 per dollar (−9.9). Intraday low of 1,334.7 was the strongest since October 4, 2024
- Arc — from 1,559.2 intraday on July 1, the won has strengthened more than 220 in about two months
- Drivers — yen strength and intervention fears, exporter dollar sales from record chip shipments, foreign equity inflows
Key questions
- What did the won close at on September 7 2026
- **1,340.5 per dollar on the onshore session close.** That is **9.9 stronger** than the previous session's close of **1,350.4**. The path through the day: **opened at 1,347.8** → broke **below 1,340 around 9:30 am** → **1,334.7 shortly after 10:00** (intraday low) → closed at **1,340.5** at 3:30 pm. **Trading in the 1,330s was the first since October 4, 2024**, when the pair printed 1,331.3, a gap of about 23 months. Some outlets described the same fact as 'two years' or 'the strongest this year'. **The larger figure is the two-month arc.** The July 1 intraday high was **1,559.2**. From there to Monday's intraday low is a move of more than **220** — the won gaining over 14 percent against the dollar in roughly two months.
- Why is the won strengthening this fast
- **Three supply-side forces lined up at once: one from Japan, one from Korean trade, one from the equity market.** **① Yen strength — from Japan.** Dollar-yen fell toward the **155** level, and rising expectation of Japanese official intervention pulled buyers into the yen. Traders unwound short-yen positions, and a stronger yen tends to lift Asian currencies together. **② Exporter conversion — from the real economy.** Korean exporters convert dollar receipts into won, and August 2026 semiconductor exports were a record **46.65 billion dollars**, **47.5 percent** of all exports (「Korea's August exports of $98.25bn」). **There are simply that many dollars to sell.** **③ Foreign equity buying — from the market.** Buying Korean shares requires selling dollars for won. The KOSPI closed **4.61 percent** higher at 6,995.39 the same day with foreigners net buyers (「KOSPI closes at 6,995.39 on September 7」). Desks also reported **momentum selling** — traders pre-emptively selling dollars in expectation of further declines, which speeds a move up and speeds its reversal too.
- Who gains and who loses when the won strengthens
- **Money going out gets cheaper; money coming in gets smaller.** **Gains.** Overseas travel, study abroad and cross-border shopping cost less. Converting 10,000 dollars at 1,559.2 required 15.59 million won; at 1,340.5 it takes **13.405 million** — a difference of about **2.19 million won** before fees and spreads. Imported commodities priced in dollars, from crude to grain, cost less, easing price pressure with a lag. **Losses.** Exporters book less won per dollar of sales. One brokerage expected third-quarter results at Samsung Electronics and SK hynix to come in slightly below consensus specifically because of **unfavourable exchange rates.** Anyone holding US assets also sees the won value of those holdings fall. **A caution.** A lower rate does not by itself make buying dollars now attractive. US August CPI lands September 11 and the FOMC meets September 15 and 16, with futures pricing a **58 to 60 percent** chance of a **rate increase** (「September FOMC dates」). A Fed hike strengthens the dollar and can reverse this move.
Two months ago this number was 1,559. Following where the 220 went also explains why the stock market rose 4.61 percent the same day.
1. The path of one session
| Time | Rate |
|---|---|
| Open | 1,347.8 |
| ~09:30 | below 1,340 |
| ~10:00 | 1,334.7 (intraday low) |
| 15:30 close | 1,340.5 (−9.9) |
The previous session closed at 1,350.4.
Trading in the 1,330s was the first since October 4, 2024, when the pair printed 1,331.3 — about 23 months. Outlets variously called it 'two years' or 'the strongest this year'; the reference date is the same in each.
The two-month view is larger.
| Point | Rate | Note |
|---|---|---|
| July 1 intraday high | 1,559.2 | — |
| September 7 intraday low | 1,334.7 | −224.5 |
| September 7 close | 1,340.5 | −218.7 from the high |
Two months, 220. In won terms, a gain of more than 14 percent.
2. Three forces, one direction
| Force | Detail | Origin |
|---|---|---|
| Yen strength | Dollar-yen toward 155; intervention fears drew yen buying and unwound short-yen positions | Japan |
| Exporter conversion | Record semiconductor shipments feeding continuous dollar selling | Korean trade |
| Foreign equity buying | Buying Korean shares requires selling dollars | Equity market |
The second row has a number attached. August 2026 semiconductor exports were 46.65 billion dollars, a monthly record and 47.5 percent of all exports (「Korea's August exports of $98.25bn」). A large share of that gets converted.
The third row was visible the same day. The KOSPI closed 4.61 percent higher at 6,995.39 with foreigners net buyers (「KOSPI closes at 6,995.39 on September 7」). The equity rally and the currency move share a cause — semiconductors.
Desks also reported momentum selling: dollars sold pre-emptively in expectation of further declines. That accelerates a move, and accelerates its reversal.
3. Where the number reaches a household
| Direction | Who | How |
|---|---|---|
| Better | Travel, study abroad, cross-border shopping | 10,000 dollars cost 15.59m won at 1,559.2 → 13.405m won at 1,340.5. A difference of about 2.19m won |
| Better | Import prices | Crude, grain and other dollar-settled imports cost less, easing price pressure with a lag |
| Worse | Exporters | Fewer won per dollar of sales. One brokerage expected Q3 results at Samsung Electronics and SK hynix to miss slightly on unfavourable rates |
| Worse | Holders of US assets | The won value of dollar holdings falls |
For a chip maker the same news cuts both ways. Exports go well, dollars arrive, and those dollars push the rate down and shrink the won value of the very results that produced them.
4. The next test is in Washington
- September 11 — US August CPI, 8:30 am Eastern.
- September 15-16 — FOMC, with a dot plot.
- Futures are priced for an increase, not a cut, at roughly 58 to 60 percent (「September FOMC dates」).
A Fed hike strengthens the dollar. Where this decline stops is being decided in Washington, not Seoul. The Bank of Korea already moved to 3.00 percent on August 27, so another Fed increase widens the gap again (「What the Korea-US rate gap does」).
5. What remains unresolved
- The previous close is reported two ways — 1,350.4 and 1,347.8. The 9.9 decline and the reported 1,347.8 opening point to 1,350.4, but this was not verified against source data.
- One outlet reports a different close entirely, 1,346.8 (−3.6), against 1,340.5 elsewhere. Not used.
- The milestone phrasing is inconsistent across outlets, though the October 4, 2024 reference point is not.
- The July 1 high of 1,559.2 is quoted from reporting, not from official statistics.
- Night trading is not covered here. These figures are the 3:30 pm onshore session.
Sources
- MoneyToday — Won falls 9.9 to 1,340.5 per dollar
- Asiae — Won down 9.9 at 1,340.5 per dollar (3:30 pm)
- Edaily — Won plunges into the 1,330s, the strongest in 23 months
- Seoul Economic Daily — Won drops into the 1,330s despite the US jobs surprise
- Etoday — Won falls more than 10 intraday to below 1,340, the lowest in 23 months
- Asiae — Won at its strongest this year, in the 1,330s intraday for the first time in two years
- Businesskorea — Closing report: KOSPI surges 4.61%; won closes lower in the 1,340s