South Korean Currency Exchange Rate To Us Dollar
The South Korean won is the official currency of South Korea. It is abbreviated as KRW and is also referred to as Won. The US dollar is the most traded currency in the world and is abbreviated as USD. The exchange rate between the South Korean won and the US dollar fluctuates daily and is influenced by various economic factors.
Factors that Affect the Exchange Rate
The exchange rate between the South Korean won and the US dollar is influenced by various economic factors, including:
- Interest rates
- Inflation rates
- Political stability
- Gross Domestic Product (GDP)
- Balance of trade
- Foreign investment
The South Korean government and central bank also play a role in determining the exchange rate. They may intervene in the foreign exchange market by buying or selling currency to influence the exchange rate.
Current Exchange Rate
As of September 2021, the exchange rate between the South Korean won and the US dollar is approximately 1 USD = 1,171.16 KRW. This means that one US dollar can be exchanged for 1,171.16 South Korean won.
The exchange rate is constantly changing and is influenced by various economic factors. It is important to check the current exchange rate before making any currency exchanges.
Exchanging Currency in South Korea
There are various ways to exchange currency in South Korea. The easiest way is to exchange currency at a bank or exchange booth. Exchange booths are commonly found in tourist areas and offer competitive exchange rates. It is important to compare exchange rates before making any currency exchanges.
Another option is to use an ATM to withdraw cash. Most ATMs in South Korea accept international bank cards and offer the current exchange rate. However, some banks may charge a fee for international withdrawals.
Conclusion
The exchange rate between the South Korean won and the US dollar is constantly changing and is influenced by various economic factors. It is important to check the current exchange rate before making any currency exchanges. There are various ways to exchange currency in South Korea, including banks, exchange booths, and ATMs. It is important to compare exchange rates and fees before making any currency exchanges.