The South Korean won traded around 1,333 per dollar, its strongest level since October 2024, supported by robust export growth and a solid trade surplus. Exports more than doubled year-on-year to a record USD 26.1 billion in the first 10 days of October, driven by a 170.9% surge in semiconductor shipments to USD 12.1 billion. Over the same period, South Korea recorded a USD 3.8 billion trade surplus, underscoring a favorable external environment for the currency.
At the same time, oil prices eased on expectations that higher Russian diesel exports could help mitigate global fuel shortages, after President Trump said Moscow had agreed to release diesel to global markets and claimed Russia and Ukraine had reached an immediate energy ceasefire. However, elevated US Treasury yields and the prospect of further Federal Reserve tightening continued to cap the won’s appreciation. Renewed Houthi attacks on Saudi Arabia over the weekend also added to geopolitical risks.
