The South Korean won continues to weaken, with the exchange rate having reached its peak just shy of the one-thousand-480 won per dollar mark during nighttime trading.

The South Korean won ended at one-thousand-477 won against the U.S. dollar as of 2 a.m. Saturday, four won more than at Friday’s Seoul closing.

This is despite a drop in the dollar index, which measures the U.S. currency against six others.

Analysts say the won-dollar exchange rate increased in line with the rise in rates on mid- to long-term U.S. government bonds.

A further rate increase seems to be on the horizon after the spot exchange volume dropped to an eleven-month low of eight-point-47 billion dollars.