The Korean won's recent surge to a two-year high near 1,333 per dollar reflects robust semiconductor export inflows and corporate dollar sales that have outpaced foreign equity outflows, widening South Korea's current-account surplus. Bank of Korea preemptive rate hikes to 3 percent in July and August, ahead of the Fed's September increase, have narrowed but not eliminated the policy-rate gap, supporting the won while inflation remains above the 2 percent target. Traders are monitoring the BOK's October 22 decision and the FOMC meeting later that week for signals on further tightening, alongside ongoing semiconductor demand and any shifts in U.S. Treasury yields or global risk appetite that could alter the USD/KRW path through year-end.