Recent Fed rate hikes to the 3.75-4.00% range, with signals of further tightening amid resilient growth and elevated oil prices, have widened the U.S.-Korea policy gap to 1 percentage point, supporting dollar strength and pushing USD/KRW higher from September lows near 1,336. Offsetting this, robust semiconductor exports and SK Hynix/Samsung capital expenditures have driven record current-account surpluses near 10% of GDP, generating dollar inflows that aided the won's 15%+ Q3 appreciation. The Bank of Korea's hikes to 3.00%, with expectations of additional moves, aim to narrow differentials while monitoring inflation above target. Key near-term catalysts include upcoming FOMC and BOK meetings, U.S. data releases, and corporate repatriation flows, with the rate trading near 1,360 as of late September.