Large fluctuations of the currency in South Korea since the late 1990s have attracted attention regarding their implications on the workers. Using monthly data on employment-gross job flows, the employment access rate, and the turnover rate-from the year 1993 to 2006, this paper explores the relationship between exchange rate fluctuations and employment in South Korea. A depreciation (an appreciation) of the exchange rate translates into a shrinkage (expansion) in employment in the cases of industries in total and the manufacturing industry. However, such a relationship between the exchange rate and employment takes an opposite direction in the service industry; employment is stimuated by a depreciation while it is inhibited by an apprecation. Job reallocation is more stimulated in a shorter period of time in the service employment, yet it is further inhibited in the manufacturing industry in a longer period of time.