South Korean manufacturers think 1,052.3 won to the U.S. dollar is the break-even exchange range and that the present strengthening of the local currency is eating into their profitability, a poll carried by a local business group showed Sunday.

The survey conducted on 120 large manufacturers by the Federation of Korean Industries showed many are struggling with current conditions and warned if this trend continues, they may have to reassess their corporate goals.

The appreciation of the Korean won has been steep this month. In the first eight days of May, the average exchange rate stood at 1,029.7 won to the dollar, a rise of 6 percent for the Korean currency vis-a-vis 1,095.0 won tallied for the same period in 2013.

On Friday, the won stood at 1,024.4 won.

The business lobbying group for the country’s largest businesses said companies reported they established annual growth targets for 2014 under the assumption that the average exchange rates will hover around 1,077.9 won to the greenback. (Yonhap)