USD/KRW

History of USD KRW Trading

The USD dates back to 1792, when the United States Congress created the US dollar as the official country’s currency. It serves as legal tender in many countries, and it is the most widely used currency in the world both in circulation and reserve. The US dollar form the majors as it pairs with all main currencies in the foreign exchange market (forex). The South Korean won is the legal tender of South Korea. It was reintroduced in 1962, and it became the sole legal tender in 1975 after several times being replaced and modified to cope with devaluations and the effects of war. Since 1950, the won has been administered by the nation’s central bank, the Bank of Korea. In 1997, the Bank of Korea dropped the peg to the US dollar, allowing the South Korean won to float freely in the forex market. The won is fully convertible and is routinely traded against other global currencies such as the Japanese yen (JPY), the Euro (EUR) and the U.S dollar (USD). The South Korean is now a stable and widely traded currency supported by the large and very advanced South Korean economy.