Sean Daily

This is an English version of our Korean article, based on public information as of October 4, 2026. Please check the official sources below for the latest details.

Read the original Korean article

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Where Is the Won-Dollar Rate in October?

According to the October 2 exchange rate report from the Capital Markets Business Group of KB Kookmin Bank (KB국민은행), the closing rate in the Seoul foreign exchange market on October 1 was KRW 1,358.4, up KRW 5.6 from the previous day. It rose as high as KRW 1,363 during the session, but the gain was limited by dollar-selling orders from exporters.

The same report explained that the dollar was strong at the time because of solid US growth and rising long-term rates. As key factors going forward, it pointed to whether foreign investors turn to net buying in the domestic stock market and how much dollar-selling comes from exporters.

The exchange rate has swung quite widely this year. According to Newspim (뉴스핀), the rate that topped KRW 1,550 in early June dropped quickly to around KRW 1,330 in early September. It then rebounded quickly to the KRW 1,380s in mid-September, and the mood shifted to watching the KRW 1,400 level again.

The table below shows month-end values based on the daily reference rates published by the European Central Bank (ECB). They can differ from domestic foreign exchange market closing rates or banks’ posted rates, so please use them only to see the broad trend.

Date	USD/KRW rate (approx.)
December 31, 2025	KRW 1,444
March 31, 2026	KRW 1,525
June 30, 2026	KRW 1,551
July 31, 2026	KRW 1,444
August 31, 2026	KRW 1,368
September 30, 2026	KRW 1,355

It also helps to know in advance the October events that could move the exchange rate. The Bank of Korea’s Monetary Policy Board meets on October 22, and the US FOMC meets on October 27–28. The Fed publishes the minutes of its regular meetings three weeks later, and the minutes of the September meeting were reported to be due out on October 7, US time. The exchange rate may swing around these dates.

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Why Did the Rate Come Down?

In its August monetary policy decision statement, the Bank of Korea explained that the won-dollar rate fell sharply as foreign stock investment outflows eased, improving foreign exchange supply and demand, and as the US dollar weakened. Newspim added that expectations of dollar supply grew after SK hynix’s issuance of American depositary receipts (ADRs).

Since mid-September, forces pushing the other way have grown. Financial News (파이낸셜뉴스) reported that the US Federal Reserve raised its policy rate on September 16, and international oil prices topped $100 a barrel again amid worsening conditions in the Middle East, bringing the exchange rate close to the KRW 1,400s. When US rates rise, dollar assets become more attractive, which can be a weakening factor for the won.

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What Is the Outlook?

Forecasts differ by institution. In its October 2 report, IBK Investment & Securities said much of the won-strengthening factors have already been reflected in the exchange rate, and that the year-end rate could rise to around KRW 1,400. Rising US rates, a strong dollar and expanded investment in the US were cited as factors weakening the won.

By contrast, KB Kookmin Bank focused on the trade surplus, which is growing faster than expected. Its analysis is that if this trend continues, the capacity to supply dollars in the foreign exchange market will grow, and the current balance of supply and demand could gradually tilt toward a surplus of supply. However, it came with the caveat that this is an estimate based on simple assumptions.

Both views are scenarios built from current data, not a settled future. Just keep in mind that factors such as the US Fed’s FOMC meeting on October 27–28, the Bank of Korea’s Board meeting on October 22 and international oil prices could change the direction.

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How It Affects Your Daily Life

First, import prices. According to the Bank of Korea, the import price index in won terms fell 2.4% from the previous month in August, falling for a third straight month after June (-4.2%) and July (-1.0%). A major factor was the 6.1% drop in the average August exchange rate, from KRW 1,497.43 in July to KRW 1,406.30. By use, import prices of consumer goods fell 4.4%.

But it is hard to say that the prices you actually feel have fallen by that much. Over the same period Dubai crude rose 15.6%, and import prices in contract-currency terms, which strip out the exchange rate effect, actually rose 3.2%. In effect, the lower exchange rate masked much of the rise in international oil prices. The head of the Bank of Korea’s price statistics team also explained that in September, upward and downward factors from the exchange rate and oil prices were mixed.

Item	June	July	August
Import prices in won terms (vs. previous month)	-4.2%	-1.0%	-2.4%
Average USD/KRW rate	–	KRW 1,497.43	KRW 1,406.30
Dubai crude monthly average	–	$76.75	$88.75

The head of the Bank of Korea’s price statistics team said that a lower exchange rate can reduce companies’ won-converted profits on the export side but can ease the burden on importers and consumers, so it needs to be looked at as a whole. That means the same exchange rate change can be unfavorable for some and favorable for others.

Category	When the rate falls	When the rate rises
Overseas online shopping and payments	Tends to reduce the cost in won	Tends to increase the cost in won
Overseas travel and tuition remittances	Tends to reduce the won needed	Tends to increase the won needed
Import prices	Factor easing the import price burden	Factor increasing the import price burden
Exporters’ earnings	Factor reducing won-converted profits	Factor increasing won-converted profits

When the exchange rate falls, the same item looks cheaper in won, but if you miss the tax thresholds the benefit can disappear. According to the Korea Customs Service (관세청), the small-amount duty exemption limit is $150 based on the item price. Korea Policy Briefing (정책브리핑) explained that goods arriving from the US through list-based customs clearance (목록통관) are exempt up to $200. If the limit is exceeded, customs duties and other taxes apply to the entire item price.

For items excluded from list-based customs clearance, such as medicines, health functional foods and food products, the duty exemption applies only up to $150 regardless of country. If your amount is close to the limit, it is safer to check in advance with the Korea Customs Service’s estimated tax lookup for overseas online purchases. Also keep in mind that card companies may charge a separate overseas payment fee.

If you have an overseas trip coming up, one option is to exchange currency in several rounds rather than all at once. Nobody can be sure whether the exchange rate will fall or rise, so it is more realistic to work out the amount you need and compare the methods with lower exchange fees.

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Frequently Asked Questions

Q. If the exchange rate falls, is overseas online shopping always cheaper?

Not necessarily. The exchange rate at the time of payment, the card company’s overseas payment fee, shipping costs and the customs duty exemption limit all play a part. In particular, if you exceed the exemption limit, tax applies to the entire item price, so check the total amount.

Q. Will the exchange rate go above KRW 1,400 again?

Forecasts differ by institution, so no one can say for sure. IBK Investment & Securities forecast around KRW 1,400 at year-end, but there is also analysis that a growing trade surplus could increase dollar supply. Treat forecasts as reference only and judge based on your own spending plans.

Q. If the exchange rate falls, do prices fall right away too?

There is a time lag, and they do not always move together. Import prices are affected not only by the exchange rate but also by international oil prices and raw material prices. In August the exchange rate fell, but rising international oil prices had an offsetting effect.

Q. Where can I check today’s exchange rate?

You can check it in the Bank of Korea Economic Statistics System (ECOS) or in the posted exchange rates in each bank’s app. For currency exchange or remittances, the applied rate and fees differ by bank, so be sure to check the actual rate that applies.

This article is for informational purposes only and is not a recommendation to buy or sell any financial product or to invest. Please make investment and financial decisions at your own judgment and responsibility.