The price of the Korean Won has increased on the black market.

Today's Won exchange rate April 20, 2024 in the domestic market

According to a survey by the Industry and Trade Newspaper, as of 9:30 AM on April 20, 2024, the Won exchange rate at most banks remained unchanged compared to yesterday, with only one bank lowering its buying rate.

At Vietcombank , the buying and selling rates for the Korean Won are 15.82 VND/KRW and 19.18 VND/KRW, respectively. At VietinBank, the buying and selling rates for the Korean Won are 16.30 VND/KRW and 20.30 VND/KRW, respectively.

Today's Won exchange rate (April 20, 2024) surveyed at several banks. (Screenshot taken at 9:30 AM)

Comparison of the Korean Won (KRW) exchange rate among the 8 largest banks in Vietnam. Today, April 20, 2024, the buying rate for KRW saw 0 banks increase their buying price, 1 bank decrease their buying price, and 7 banks maintain the same buying price compared to yesterday. Meanwhile, the selling rate saw 1 bank increase its selling price, 0 banks decrease their selling price, and 7 banks maintain the same selling price compared to yesterday.

Today, April 20, 2024, Tien Phong Bank is buying South Korean Won (KRW) at the highest price of 17.49 VND/KRW. Tien Phong Bank is selling South Korean Won at the lowest price of 19.02 VND/KRW.

Today's Won exchange rate (April 20, 2024) surveyed at several banks. (Screenshot taken at 9:30 AM)

Black market Won exchange rate

Today, April 20, 2024, a survey of the black market at 9:30 AM showed that the Won exchange rate increased to 18.36 VND/KRW for buying and 18.83 VND/KRW for selling.

Today's Won exchange rate (April 20, 2024) surveyed at several banks. (Screenshot taken at 9:30 AM)

In Hanoi , Ha Trung Street (Hoan Kiem District) is the largest foreign exchange hub, offering the exchange of many popular currencies such as USD (US Dollar), Euro, Yen (Japanese Yen), Won (South Korean Won), and many others. However, currency exchange at these foreign exchange streets must comply with Vietnamese law.

How has the South Korean Won fluctuated?

The South Korean Won has been weakening recently, primarily due to expectations that the US Federal Reserve (FED) will delay cutting US interest rates. In addition, the volatility of other major Asian currencies such as the Japanese Yen and the Chinese Yuan is also contributing to increased pressure on the Won.

The global value of the Korean Won has fallen below 1,365 KRW/USD, raising concerns about government intervention to protect the currency. However, a foreign exchange market official stated, "Not only is the Won weak, but the Japanese Yen and the Chinese Yuan are also weak, so there doesn't seem to be much incentive for the government to intervene."

The interest rate on the US dollar plays a crucial role in determining the attractiveness of the currency and devaluing other risk-sensitive currencies. When the Federal Reserve (FED) maintains high interest rates for an extended period, investors tend to convert other currencies into USD to take advantage of higher returns. This leads to the US dollar appreciating and other currencies, including the South Korean Won, depreciating. Even if the FED has not officially adjusted interest rates, market expectations of future rate increases or decreases can still influence exchange rates.

Moon Jung-hee, an economist at KB Kookmin Bank, also stated: “ The probability of the Fed cutting interest rates in June is almost zero, and the market’s disappointment at the difficulty of a rate cut in July has affected the value of the Won.”

Currently, the market anticipates the Fed will delay cutting the US benchmark interest rate due to higher-than-expected Consumer Price Index (CPI) figures. This has led investors to lower their expectations for the Won, resulting in selling pressure and pushing its value lower. Baek Seok-hyun, an economist at Shinhan Bank, stated, “The market is paying attention to the US Consumer Price Index (CPI) for March; the CPI figures for January and February were higher than expected.”

Experts believe the won will struggle to recover until uncertainty surrounding when the Fed will cut its benchmark interest rate later this year dissipates. Park Sang-hyun, a researcher at Hi Investment & Securities, predicts, "Delaying the Fed's interest rate cut could further burden the won."

Here are some addresses for exchanging foreign currency and buying/selling Won in Hanoi:

1. Quoc Trinh Ha Trung Gold Shop - No. 27 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

2. Gold and Silver Handicrafts - No. 31 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Shop - 119 Cau Giay Street, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company - 43 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

5. Toan Thuy Store - 455 Nguyen Trai Street, Thanh Xuan District, Hanoi and 6 Nguyen Tuan Street, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones - 19 Tran Nhan Tong Street, Bui Thi Xuan Ward, Hoan Kiem District, Hanoi

7. Chinh Quang Store - 30 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store - 47 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

9. Huy Khoi Store - 19 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

10. The system of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Here are some popular places to exchange and buy/sell Korean Won in Ho Chi Minh City:

1. Minh Thu Foreign Exchange - 22 Nguyen Thai Binh Street, District 1, Ho Chi Minh City

2. Kim Mai Gold Shop - 84 Cong Quynh Street, District 1, Ho Chi Minh City

3. Kim Chau Gold Shop - 784 Dien Bien Phu Street, Ward 10, District 10, Ho Chi Minh City

4. Saigon Jewelry Center - 40-42 Phan Boi Chau Street, District 1, Ho Chi Minh City

5. Kim Hung Foreign Exchange Agency - 209 Pham Van Hai Street, Binh Chanh District, Ho Chi Minh City

6. DOJI Jewelry Store - Diamond Plaza Le Duan, 34 Le Duan Street, Ben Nghe Ward, District 1, Ho Chi Minh City

7. Kim Tam Hai Shop - 27 Truong Chinh Street, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City

8. Bich Thuy Gold Shop - No. 39 Pham Van Hai Market, Ward 3, Tan Binh District, Ho Chi Minh City

9. Ha Tam Gold Shop - 2 Nguyen An Ninh Street, Ben Thanh Ward, District 1, Ho Chi Minh City

10. The system of branch offices at banks in Ho Chi Minh City such as: Sacombank, VietinBank, Vietcombank, SHB, Eximbank.

* This information is for reference only.

Source: https://congthuong.vn/ty-gia-won-hom-nay-2042024-gia-won-cho-den-tang-gia-315730.html