Won-dollar rate tops 1,530 for 1st time since 2009

The Korean won breached the 1,530 mark against the U.S. dollar in intraday trading Tuesday, as mounting concerns over a prolonged Middle East conflict weighed on the currency. The level marks its weakest point since March 10, 2009, during the global financial crisis, when it fell to 1,561 per dollar. Equities also came under heavy pressure, with the benchmark KOSPI sliding sharply and nearing the 5,000 level. In the Seoul foreign exchange onshore market, the won opened at 1,519.9 per dollar, down 4.2 won from the previous session, and continued to weaken, briefly touching 1,536 during the day. It later finished at 1,530.1 per dollar, a decline of 14.4 won from the previous session. Pressure on the won had already been building in the previous session’s overnight trading, when it weakened to around 1,521 per dollar, signaling intensifying depreciation. Meanwhile, the Bank of Korea issued a verbal intervention, warning it could step in if market sentiment and herd behavior cause excessive volatility. "While we are not setting a specific target for the exchange rate, the pace of the recent

Go to News Site