USD/KRW: South Korean won to strengthen in 2022 against the US dollar – MUFG By MSalordFX USDKRW Banks
“KRW depreciated 9.4% against the US dollar in 2021, the second worst performing currency among emerging Asia currencies last year. KRW’s sizeable depreciation was due to the worsened pandemic condition in the country. The Bank of Korea raised the 7-day repo rate twice in 2021, with a 25bps hike to 0.75% on August 26th and another 25bps hike to 1.0% on November 25th.”
“The KRW is undervalued now in both effective exchange rate terms and bilateral terms against USD. With the pandemic becoming more controllable in 2022, a steadily economic recovery and better controlled pandemic condition in South Korea would help build confidence and a If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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