USD/KRW update & alerts
1 USD = 1170.7 KRW
USD/KRW Exchange Rates and Providers Compared
This guide to the United States Dollar to South Korean Won exchange rate with 90-day chart & alerts, historic rates, forecasts and USD to KRW comparison tables for foreign transfers and travel money rates and fees on offer by banks and foreign exchange providers. If you want to calculate equivalent amounts in foreign currencies or rate margins then use our USD/KRW Quick Calculator.
USD and KRW in the Markets
When determining the best time to make a foreign exchange transaction, in this case the USD vs KRW, you should pay attention to the recent market trends for both currencies.
United States Dollar (USD)
The US dollar has held its value this year despite a serious escalation in US-China trade tensions, mainly because the greenback is still considered a safer currency to own than most others. After grim employment data on June-7, the Dollar Index was up 0.5 percent on the year (it had fallen 2 percent from May’s 2-year high).
As in other parts of the world, interest rate cuts are now expected in the US following a drastic shift in economic forecasts. At least two Fed cuts are expected this year, with the first most likely to come in July.
Taking the blame for the economic downturn is US President Donald Trump, whose trade policies have set a ball rolling that could wipe $455bn from global output according to the IMF.
Read more in the article USD Forecasts.
South Korean Won (KRW)
The South Korean won has been the worst-performing Asian currency in 2019.
In the first five months of the year, the won lost 6 percent of its value against the dollar on its way to a 2-year low of ₩1,190, and lost 4 percent against the euro, with weakness driven by falling exports and an alarming drop in South Korean inflation, both of which drove expectations for an interest rate cut by the Bank of Korea. In addition, the won is one of those currencies being used as a proxy for risk, particularly for risks relating to US-China trade.
The Bank of Korea has warned traders that it will intervene in markets to prop up the won should the rate of currency depreciation accelerate, though interventions will be “mild.”
In late May, Bank of America Merrill Lynch predicted a reversal in won weakness. It said that it was “just a matter of time” before investors again focused on South Korea’s strong fundamentals. The bank expects USD/KRW to fall 7 percent in the second half of the year to ₩1,110.
Why can't I just get the USD/KRW market rate I see online or in the media?
The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between the last rate at which the USD / KRW was traded (bought or sold) in the international markets.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate). Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.
Getting a good market rate is mainly about timing however the transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for travel money and possibly over 5% to 6% when sending money. The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
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