“The Korean won weakened beyond the 1,560-per-dollar mark in overnight trading Friday and early Saturday, falling to its lowest level in 17 years as a stronger dollar and continued foreign selling weighed on the currency. The exchange rate climbed as high as 1,561.5 won per dollar in overnight trading before ending at 1,559.0. The move marked the weakest level for the won since March 2009 during the global financial crisis. The won had already weakened to 1,549.1 per dollar during regular trading Friday before the exchange rate closed the daytime session at 1,539.1 won per dollar. It then accelerated sharply after the release of stronger-than-expected U.S. employment data, breaking through the psychologically significant 1,550 and 1,560 levels in succession. Market watchers attributed the latest surge in the exchange rate to a combination of factors, including a stronger dollar, continued foreign selling of Korean equities and concerns over the economic impact of the prolonged conflict in the Middle East. The U.S. jobs report reinforced expectations that the Federal Reserve could keep int
Original story
Continue reading at Korea Times Southkorea
www.koreatimes.co.kr
Summary generated from the RSS feed of Korea Times Southkorea. All article rights belong to the original publisher. Click through to read the full piece on www.koreatimes.co.kr.