Korean firms delay converting dollars into won as local currency strengthens

Dollar deposits at Korea’s five largest banks hit a record $76.98 billion as of Thursday while the won strengthened to its highest level in 23 months. Companies drove most of the increase by delaying conversion of export earnings into won, while importers bought dollars in stages ahead of payments. The won closed at 1,345 per dollar on Friday, its strongest level since early October 2024. Analysts said further gains are possible, though U.S. inflation and Treasury yields could pressure the currency.

Dollar deposits at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup reached $76.98 billion as of Thursday, the highest since comparable data collection began in May 2021.

Corporate dollar deposits hit a record $63.3 billion, while individual dollar deposits rose to $13.68 billion, the highest since February 2022.

The total dollar deposit balance rose by more than $6.9 billion in August and increased by a further $600 million in the first three days of September.

The average weekly closing won-dollar exchange rate fell from the high 1,400s in the third week of July to the mid-1,300s in the first week of September.

Published Sep 6, 2026 3:17 pm KST

Updated Sep 6, 2026 3:32 pm KST

The won-dollar exchange rate is displayed in the dealing room of Hana Bank in Seoul, Friday. Yonhap

Dollar deposits at Korea's five largest banks climbed to a record high as companies accumulated the U.S. currency, with the won trading at its strongest level in 23 months, data showed Sunday.

Dollar deposits at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup reached a record $76.98 billion as of Thursday, the highest since comparable data collection began in May 2021. The total rose by more than $6.9 billion in August and increased by a further $600 million in the first three days of September.

Corporate deposits accounted for most of the increase. Companies held a record $63.3 billion in dollar deposits as of Thursday as exporters delayed converting dollar revenue into won while the exchange rate remained low, and importers bought the U.S. currency in stages ahead of future payments.

Dollar deposits held by individuals also rose to $13.68 billion, the highest since February 2022. Individuals converted $389 million worth of won into dollars in August, the largest monthly amount since January, while conversions from dollars into won were only about a third as large.

The won, which had remained above 1,500 per dollar in July amid a weak yen and capital outflows into overseas assets, has strengthened sharply in recent weeks as exporters converted foreign currency earnings on strong overseas sales. Dollar inflows related to SK hynix's American depositary receipts also supported the currency.

The average weekly closing won-dollar exchange rate fell from the high 1,400s in the third week of July to the high 1,300s by the third week of August and the mid-1,300s in the first week of September. The Korean currency closed at 1,345 won per dollar in the night market Friday, its strongest level since early October 2024.

Analysts see room for further gains in the won despite the increase in dollar demand.

"With dollar supply still outstripping demand, the exchange rate is expected to settle into a lower trading range of 1,300 to 1,350 won per dollar," said Moon Jeong-hee, an economist at KB Kookmin Bank.

Time for won to catch up with Korea's economic role: Deutsche Bank

Ashok Bhundia, deputy chief economist at the Institute of International Finance, said further won appreciation is likely following plans by Samsung Electronics and SK hynix to expand semiconductor fabrication capacity. The two companies announced a combined investment of 800 trillion won in Korea's southwestern region.

"These projects are expected to lead both companies to repatriate and convert a larger share of their growing export earnings into won to finance domestic capital expenditure, providing a meaningful source of support for the currency through the remainder of 2026 and into 2027," Bhundia said.

Still, a rise in U.S. inflation that increases the likelihood of further interest rate hikes, or higher U.S. Treasury yields, could put downward pressure on the won, analysts said.

截至周四，韩国五大银行的美元存款达到创纪录的769.8亿美元，韩元汇率也升至23个月以来的最高水平。企业推迟将出口收入兑换成韩元是推动美元存款增加的主要原因，而进口商则分阶段提前购买美元以备付款。周五，韩元兑美元收于1345，创下2024年10月初以来的最高水平。分析师表示，韩元仍有可能进一步上涨，但美国通胀和国债收益率可能会对韩元构成压力。

截至周四，KB国民银行、新韩银行、韩亚银行、友利银行和NH农协银行的美元存款达到769.8亿美元，这是自2021年5月开始收集可比数据以来的最高水平。

企业美元存款达到创纪录的 633 亿美元，而个人美元存款增至 136.8 亿美元，为 2022 年 2 月以来的最高水平。

8 月份美元存款总额增加了 69 亿美元以上，9 月份前三天又增加了 6 亿美元。

韩元兑美元的平均每周收盘汇率从 7 月第三周的 1400 多美元跌至 9 月第一周的 1300 多美元。

发布于2026年9月6日下午3:17（韩国标准时间）

更新于2026年9月6日下午3:32（韩国标准时间）

周五，首尔韩亚银行交易大厅内显示韩元兑美元汇率。（韩联社）

数据显示，韩国五大银行的美元存款额攀升至历史新高，企业纷纷囤积美元，韩元汇率也达到 23 个月以来的最高水平。

截至周四，KB国民银行、新韩银行、韩亚银行、友利银行和NH农协银行的美元存款总额达到创纪录的769.8亿美元，为自2021年5月开始收集可比数据以来的最高水平。8月份总额增加了69亿美元以上，9月的前三天又增加了6亿美元。

企业存款的增长是此次增长的主要来源。截至周四，企业美元存款总额达到创纪录的633亿美元，原因是出口商在汇率低迷时期推迟将美元收入兑换成韩元，而进口商则提前分阶段购买美元以备将来付款之需。

个人持有的美元存款也增至 136.8 亿美元，为 2022 年 2 月以来的最高水平。8 月份，个人将价值 3.89 亿美元的韩元兑换成美元，为 1 月份以来的最高月度兑换额，而美元兑换成韩元的金额仅为兑换额的三分之一左右。

受日元疲软和资金外流至海外资产的影响，韩元7月份曾维持在1500以上。但近几周来，随着出口商将强劲的海外销售所得外汇收入兑换成美元，韩元大幅走强。此外，SK海力士美国存托凭证相关的美元流入也支撑了韩元汇率。

韩元兑美元的平均周收盘汇率从7月第三周的1400多跌至8月第三周的1300多，并在9月第一周跌至1300中段。周五夜市收盘时，韩元兑美元汇率为1345，创下2024年10月初以来的最高水平。

尽管美元需求增加，但分析师认为韩元仍有进一步上涨的空间。

“由于美元供应仍然超过需求，预计美元兑韩元汇率将稳定在1美元兑1300至1350韩元的较低交易区间，”KB国民银行经济学家文正熙表示。

德意志银行：韩元是时候迎头赶上韩国的经济地位了

国际金融协会副首席经济学家阿肖克·邦迪亚表示，三星电子和SK海力士计划扩大半导体制造产能，预计韩元将进一步升值。这两家公司宣布将在韩国西南部地区联合投资800万亿韩元。

“预计这些项目将促使两家公司将不断增长的出口收入的更大一部分汇回国内，并将其兑换成韩元，以资助国内资本支出，从而在 2026 年剩余时间和 2027 年为韩元提供重要的支撑，”Bhundia 表示。

分析师表示，不过，美国通胀上升会增加进一步加息的可能性，或者美国国债收益率上升，这可能会给韩元带来下行压力。