The won-dollar rate Monday fell briefly to its lowest level in nine years and one month on the Seoul currency market as weak dollar sentiment continued throughout the day.

The rate dropped to as low as 926.50 won per dollar at one point, the lowest level since Oct. 23, 1997, when the won traded at 921.0 won per dollar.

The won extended its gains for the fourth consecutive day to close at 927.60 won per dollar, down 1 won from the previous close.

``The dollar’s value is expected to fall for the time being on expectation that the United States may move to lower its interest rates early next year,’’ said Song Jin-kyong, an analyst at Daeshin Securities. ``In addition, the country’s strong exports may accelerate the dollar’s fall.’’

Song expected the won-dollar rate to move in a range between 920 won and 930 won despite currency authorities’ stepped-up intervention to prevent the won’s sharp gains.

The Korean currency has gained ground against the greenback over the past few weeks as dollar sentiment has turned weak as a series of economic indices point to a slowdown in the world’s largest economy.

Speculation is rampant in the market that the U.S. Federal Reserve may decide to lower its key short-term rate early next year to prop up its slowing economy.

Currency dealers said Korean authorities continued to buy dollars. The country’s foreign exchange reserves soared in November from a month earlier as a global slide in the value of the U.S. dollar boosted the dollar conversion value of foreign currencies, according to the Bank of Korea.

The bank said the nation's foreign reserves were tallied at $234.3 billion as of the end of November, up $4.8 billion from a month earlier. That is a much sharper rise than the $1.2 billion increase in October.