Does a rising exchange rate mean the won is losing value?

Under the convention of quoting the exchange rate as the amount of won per unit of foreign currency (direct quotation), a rise in the exchange rate means a fall in the value of the won, i.e., a rise in the value of the foreign currency.

For example, when the won/dollar exchange rate rises, more won is needed to buy 1 dollar. Conversely, under the convention of quoting the amount of foreign currency per unit of domestic currency, the meaning is reversed, so it is a good idea to check which convention is being used.