Exchange Rate in Korea
The South Korean won experienced periods of depreciation over the last decade, particularly during times of global economic uncertainty, but also saw phases of appreciation, reflecting South Korea's robust export sector and the government's sound economic management. The currency depreciated overall against the U.S. dollar in the decade to 2024, reflecting monetary tightening by the U.S. Federal Reserve, expectations of U.S. tariffs, and domestic political turmoil in late 2024 following the declaration of martial law.
The exchange rate ended 2024 at KRW 1472, compared to the end-2023 value of KRW 1288 and the figure a decade earlier of KRW 1099. It averaged KRW 1193 over the last decade. For more exchange rate information, visit our dedicated page.
Korea Exchange Rate Chart
Note: This chart displays Exchange Rate (vs USD) for Korea from 2014 to 2024.
Source: Macrobond.
Korea Exchange Rate Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Exchange Rate (KRW per USD, eop) | 1,156 | 1,086 | 1,189 | 1,265 | 1,288 |
| Exchange Rate (KRW per USD, aop) | 1,166 | 1,180 | 1,145 | 1,292 | 1,307 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean exchange rate projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exchange rate forecast available for Korean exchange rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean exchange rate projections.
Want to get access to the full dataset of Korean exchange rate forecasts? Send an email to info@focus-economics.com.