Recent semiconductor-driven export surges, with October 1-10 shipments more than doubling year-over-year to a record $26.1 billion, have fueled exporter dollar sales that strengthened the KRW to near two-year highs near 1,331-1,333 before volatility from foreign equity outflows pushed USD/KRW back into the mid-1,340s as of October 13. The Bank of Korea’s cumulative 50 basis point tightening since July and persistent current-account surplus expectations near $450 billion for 2026 reinforce this support, while a firmer U.S. dollar, rising oil prices above $100 per barrel, and upcoming FOMC and BoK decisions introduce countervailing pressures. Market-implied ranges point to consolidation between 1,330-1,400 absent major policy or geopolitical shifts.