Won-dollar exchange rate nears 1,300 won mark as volatility hits post-financial-crisis high

A tourist sorted Korean won banknotes at a currency exchange booth in Myeong-dong, Jung-gu, Seoul on Monday morning. The won-dollar exchange rate, which had surged to the mid-1,500 won range, has reversed sharply and is now approaching the 1,300 won level. According to the Seoul foreign exchange market and the Bank of Korea, the average monthly exchange rate fluctuation from the start of the year through the end of July stood at 47.0 won — the widest since 2009 (61.2 won), when volatility peaked during the global financial crisis.