Won Plummets to 6-Year Low

The Korean won fell sharply against the U.S. dollar on Wednesday, closing at W1,227.10, the lowest in five years and seven months.

The plunge came after rising speculation that the Bank of Korea will cut interest rates after one of its seven board members called for a reduction at a monetary meeting a day earlier.

On the local bourse, Korean stocks ended lower, with the Korea Composite Stock Price Index shedding over 0.2 percent.