[Weekender] Strong dollar, weak won: What does it mean for ordinary people?
Oct. 15, 2022
Over the past year, the Korean currency has lost nearly 20 percent of its value against the dollar. A dollar is equal to about 1,429 won, according to the currency’s closing rate on Wednesday. But a year ago, you needed 19 percent less of the Korean currency, or 1,196.5 won, to buy a dollar. The won’s depreciation, driven largely by the dollar’s gains worldwide, has sent the exchange rate into a territory trodden only during major financial crises. A won-dollar rate above 1,400