QUOTE AND NEWS
The Hindu Business Line  May 20  Comment 
The South Korean won posted its biggest fall against the dollar in two weeks on Wednesday after the greenback was bolstered by upbeat US housing data and steep losses in the euro. The won...
The Economic Times  May 19  Comment 
The S.Korean won edged down against the dollar on Tuesday as US bond yields sapped appetite for riskier assets in favour of the greenback.
The Economic Times  May 14  Comment 
S. Korean won posted the biggest daily gain against the dollar as U.S. retail sales data is seen as easing the case for an early interest rate hike by the Federal Reserve.
The Economic Times  May 14  Comment 
The U.S. dollar fell to near a three-month low against a basket of major currencies after data showing on Wednesday a key measure of U.S. retail sales was flat in April.
The Hindu Business Line  May 14  Comment 
The South Korean won rose early on Thursday as poor US retail sales data was widely seen as easing the case for an early interest rate increase by the Federal Reserve. The won was up 0.5 pe...
The Economic Times  May 12  Comment 
The won was down 0.3 per cent at 1,094.5 per dollar at 0232 GMT, its lowest since April 15, as the dollar was in demand in the wake of uncertainties.
The Hindu Business Line  May 8  Comment 
The South Korean won erased early losses to edge up against the dollar on Friday as exporters’ demand for settlements further underpinned the local currency.The won ended domestic trade up...
The Hindu Business Line  May 7  Comment 
South Korea’s won fell to a three-week low against the US dollar in Thursday morning trade as the country’s finance minister voiced concern about the impact of a weakening yen on the competitivene...
The Hindu Business Line  May 4  Comment 
The won fell on Monday morning after a tepid Chinese manufacturing survey threatened prospects for South Korean exports, while mixed US economic data lifted the dollar. The won was down 0.7...
The Economic Times  Apr 30  Comment 
The South Korean won fell against the dollar on Thursday as traders said local authorities probably intervened to curb the currency's recent strength.




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A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates.

The won has been in use for thousands of years. During the Colonial era , the won was replaced at par by the yen, made up of the Korean yen. In 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean War

The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new crisp banknotes and coins are printed/minted, they are bundled up in bundles/rolls and shipped to the Headquarters of the Bank of Korea. When delivered, the banknotes and coins are deposited inside the Bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amount of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

The chart at left shows the USD/KRW currency pair; the number of Korean Won equivalent to 1 U.S. Dollar (USD).

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