The won-dollar exchange rate exceeded 1,300 won for the first time in 13 years.

As concerns about an economic downturn increase, the preference for safe assets is growing stronger.

Correspondent Kim Jung-woo reported.

<Reporter> In

the foreign exchange market in Seoul, the won-dollar exchange rate surpassed 1,300 won at the beginning of the market and then rose to 1,302 won at one point.

It was the highest in 12 years and 11 months since July 2009, when the aftermath of the global financial crisis remained.

U.S. Federal Reserve Chairman Powell's remarks sparked an uptrend in the won-dollar exchange rate.

Earlier, Fed Chairman Powell said he was "clearly probable" when he said that continued rate hikes could lead to a recession.

As the US central bank hinted at the possibility of a recession, investors were busy looking for the safe-haven dollar.

In fact, the dollar index, which measures the value of the US dollar against six major currencies, including the euro and yen, has risen 8.5% this year.

With the soaring exchange rate, the Korean government is struggling to maintain the psychological support level of 1,300 won.

It is said that they are not only doing verbal intervention, but also loosening real dollars in the market.

Deputy Prime Minister Choo Kyung-ho said at an emergency economy ministers' meeting held at the Seoul government complex, "The government will make efforts to minimize negative effects such as market instability caused by the exchange rate rise."