S. Korean won sharply weakens against U.S. dollar

The South Korean won fell sharply against the U.S. dollar on October 28, 2026, influenced by foreign investors buying dollar futures and covering short positions. Despite expectations that the U.S. Federal Reserve will hold interest rates steady, market participants watch for potential rate hikes later this year. Foreign investors also bought a net 815.8 billion won in local stocks, pushing the KOSPI index up 6.63%.