I wonder if a "balanced exchange rate" actually exists

Everyone says the 1,200 won range is the appropriate exchange rate, but I wonder if such a thing even exists.
It's just that we've become accustomed to it because we've seen that range for so long.
Especially for small economies like Korea, it seems that national policy and the external environment are far more important than interest rate differentials or growth rates.
Even though the supply of dollars increased to record levels due to incoming export payments, the exchange rate rose throughout the first half of the year.
This is largely due to the impact of the Bank of Korea absorbing dollars to increase foreign exchange reserves.
If they had just left it to the market, the exchange rate would have dropped long ago.
Just as there is no single answer to the appropriate level of foreign exchange reserves, I think the "appropriate exchange rate" is also a problem without a definitive answer.
Supply and demand? Interest rate differentials?
I'm not sure.
In the ultra-long term, it will eventually reflect differences in growth and interest rates, but in the short term? I don't know.