Dollar bills run out at Seoul bank as FX drop sparks buying rush

From online community

U.S. dollar bills briefly ran out at a commercial bank branch in Seoul’s Gangnam district on Wednesday after the won’s sharp appreciation triggered a rush to buy dollars.

According to sources on Thursday, a Hana Bank branch in southern Seoul announced that its stock of $100 bills had been fully depleted the previous day. The branch said demand for dollar exchanges surged following the abrupt drop in the won–dollar exchange rate.

Online investment communities framed the sudden move as a “buy-the-dip” opportunity for the greenback, prompting customers to visit bank counters in person. The branch posted a notice saying the spike in visitors seeking dollar exchanges led to the rapid sellout of $100 bills, adding that replenishment is expected by next Tuesday, Dec. 30.

The won closed Wednesday at 1,449.8 per dollar, down 33.8 won from the previous session, marking the steepest one-day fall since Nov. 11, 2022. The rate briefly jumped to 1,484.9 in early trading before sliding sharply after strong verbal intervention by authorities.

A Hana Bank official said the incident was temporary, citing a missed timing in requesting additional dollar bills from headquarters, and stressed that it does not signal a nationwide shortage. Market watchers view the episode as a short-term crowding effect driven by heightened year-end currency volatility rather than a structural imbalance in dollar supply.