Won-dollar rate slides to 1,345 won as companies build record dollar deposits

When the won-dollar exchange rate broke below 1,500 won in early July, freelance videographer Kim Chan-hee exchanged won for dollars, fearing the rate could rise again. Now that the rate has fallen into the 1,340-won range, the dollars bought earlier are worth less in won terms.

Kim is considering buying small amounts at a time because the exchange rate could fall further. More people are showing interest in dollar deposits after the rate dropped to its lowest level in about two years, viewing the decline as a chance to buy dollars cheaply.

Some so-called dollar-tech investors are spreading their purchases in small installments rather than buying all at once. Companies are also watching the exchange rate closely and building up dollar holdings.

As of Sept. 3, dollar deposits at KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup banks totaled $76.983 billion, or about 103.0089 trillion won, across corporate and personal accounts. The report identifies companies preparing for overseas investment as a factor behind increased dollar reserves, but the supplied text ends before giving further details.

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You never know when the exchange rate will rise, so I should buy it first.