FX.co ★ SK Won Steady as Seoul Intensifies Push for Tariff Relief

The South Korean won stabilized around 1,378 per dollar on Wednesday, maintaining its position near recent lows against a backdrop of little change in the US dollar index. This stable currency performance came in the wake of Industry Minister Kim Jung-kwan's departure, as he joins a delegation of South Korean officials already in the United States for discussions with Trump administration representatives, ahead of the upcoming August 1 deadline. These talks focus on securing relief or reductions from the proposed 25% reciprocal tariffs, as well as addressing specific levies impacting steel and automobile exports. Additionally, the Bank of Korea highlighted positive news with the Composite Consumer Sentiment Index increasing by 2.1 points to 110.8 in July—the highest level since January 2018. This rise was fueled by the government's pro-growth policies, including a significant 31.8 trillion-won supplementary budget approved on July 4, alongside improved consumer spending and a recovery in semiconductor exports.