Dollar strength, foreign stock sales push won past 1,540 intraday

South Korea's won-dollar exchange rate breached the 1,540 won mark during intraday trading, a level not seen in 11 trading days. This surge is attributed to a strengthening U.S. dollar and significant selling of South Korean stocks by foreign investors. The weekly closing rate finished at 1,539.1 won, marking the highest weekly close since April 5th and extending a streak of 25 consecutive trading days where the rate has ended above 1,500 won. This sustained period of high exchange rates is fueling concerns that it may become a persistent feature of the market. The rate had briefly dipped into the 1,510 won range between April 15th and 17th, following news of a potential agreement in Middle East conflict negotiations. However, a hawkish signal from the U.S. Federal Reserve's Federal Open Market Committee (FOMC) meeting on April 17th led to a dollar rebound and a subsequent rise in the won-dollar exchange rate.