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The won plummeted for a fifth day Monday, closing at W1,427.50 to the dollar, down W23.30 from the previous day and the lowest since Dec. 9.
The plunge was caused by a slew of bad news for Korea's financial market. They included a selling spree by foreign stock investors, news of an impending missile launch by North Korea, and negative news from the European financial market.
Weakening share values prompted foreign investors to sell W18 billion worth of Korean stocks. For last five days, foreign investors sold W680 billion. Endless rumors about a second global economic crisis caused investors to buy U.S. dollars, considered a safer bet in turbulent times.
(englishnews@chosun.com )
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