South Korea's won gains after report on US demand for stronger currency
South Korea's currency rose sharply against the dollar on Wednesday after a media report that the United States had demanded that Seoul come up with measures to boost the won. Last month, South Korea and the United States agreed to craft a trade package aimed at removing new U.S. tariffs before President
Donald Trump
's 90-day pause on reciprocal tariffs ends in July. South Korea also agreed to hold separate discussions on currency policy at the request of U.S. Treasury Secretary Scott Bessent.
The Korea Economic Daily said on Wednesday that Washington has demanded Seoul come up with measures for a stronger won during talks.
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South Korea's
finance
ministry said it was in working-level discussions on
exchange rates
with the United States, but that no details have been finalised.
The Korean won last traded at 1,374.62 per dollar, compared with 1392.4 at the previous close. South Korea's deputy finance minister Choi Ji-young met Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5.
The won was the weakest performer among emerging Asian currencies last year, having fallen more than 14% against the dollar. A weaker won boosts the price competitiveness of Korean exports such as cars, and helped Korea report a record trade surplus with the United States last year.
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