Value of the U.S. Dollar Continues to Drop Compared to the Korean Won
Americans bringing dollars to Korea are getting a worse exchange rate:
![A staffer counts U.S. dollars at Hana Bank's headquarters in Jung District on Dec. 3. Korea's foreign exchange reserves increased by $9.87 billion in November, the highest monthly increase in 10 years. [YONHAP]](https://i0.wp.com/koreajoongangdaily.joins.com/data/photo/2020/12/03/d43c7faf-b969-4aa7-8082-a279c04c868f.jpg?w=640&ssl=1)
Korea’s currency hit a 30-month high against the U.S. dollar Thursday as investors’ interest in safe-haven assets dwindled and expectations rose for vaccine development and further fiscal stimulus in the United States.
Joong Ang Ilbo
Korea’s won closed at 1,097 won against the greenback Thursday, going below the 1,100-won level for the first time in two and a half years. The currency appreciated by 3.8 won, or 0.34 percent, against the U.S. dollar compared to the previous trading day.
The exchange rate went to as low as 1,096.2 won Thursday.
You can read more at the link.
The Won isn’t the only Asian currency to see a strengthening against the dollar. The greenback has taken a tumble against the Philippine Peso as well. As the plandemic started the Peso-to-Dollar rate was almost up to 52:1. Since then it’s been sliding to where now, eight months later, its hovering at about 48:1 with no stopping in the slippage in sight.
This means that since March, I’ve lost over $110 a month in potential spending power. Been through worse. Peso dipped to 42:1 in 2016 but when you figure in inflation, I couldn’t take a 42:1 now.
This plandemic needs to be over NOW!!!
Global banker cartel…read, “The Creature From Jekyll Island” and you will understand the scam.
Well, it’ll hurt Tourists and Exports, so another step toward the South Korean “juche”…
We’ll see if it matters some time next year…