Won Weakens to 10-Year Low

  • By Kim Ji-seop

    March 18, 2020 09:38

    The Korean won weakened to the lowest level against the U.S. dollar in a decade due to the coronavirus epidemic.

    The won closed down W17.50 to W1,243.50 against the greenback on Tuesday, the lowest since June 11, 2010.

    An electronic board shows the Korean won closing at 1,243.50 against the U.S. dollar at KB Bank headquarters in Seoul on Tuesday. /Yonhap

    The Korean currency fell for four straight sessions, falling W50.50 against the dollar or 4.2 percent even though the U.S. Federal Reserve slashed the key interest rate by 1.5 percentage points this month.

    Jeon Seung-ji, an analyst at Samsung Futures, said, "There is an acute sense of fear that the dollar is the only safe-haven investment, causing investors to dump stocks and bonds and buy dollars, which has been particularly hard on the currencies of emerging economies."

    The government is poised to announce a set of measures on Wednesday aimed at calming financial market jitters.

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