Traders expect short‑term choppiness in the Korean won as a wave of dollar inflows follows SK Hynix's record US ADR offering. The chipmaker will repatriate more than $26bn, pushing the won up from a 17‑year low to around 1,505 per dollar after banks sold dollars forward ahead of the Friday listing. Analyst Wi Jae‑hyun of Kyobo Securities said the ADR proceeds could move roughly $1bn a day in the month after settlement, giving the won a fleeting respite, though he doubts it will reverse the broader downtrend.

The inflow represents about 1% of the $102.7bn average daily FX turnover by South Korean banks in Q1, enough for a noticeable dent but insufficient to counteract persistent outflows that have left the won as Asia's weakest currency after the peso and baht. Barclays' Mitul Kotecha warned the boost won’t change the long‑term picture, while JPMorgan’s Julio Callegari sees scope for appreciation if US equity outflows ease. Despite a record current‑account surplus, foreign investors have sold over $100bn of Korean equities this year, keeping pressure on the currency.