Won Plummets to 25-Month Low

      April 26, 2022 09:13

      The Korean won plunged W10.8 against the U.S. dollar on Monday to W1,249.90, the lowest in 25 months.

      The won opened at W1,243.50 but weakened to W1,250.10 at one point in trading.

      The last time the won fell below W1,250 was on March 24, 2020. The only time it surpassed W1,250 was during the eurozone fiscal crisis in 2010 and after the coronavirus pandemic started in 2020, but it never lasted long.

      An electronic board at KEB Hana Bank headquarters in Seoul shows the Korean won closing at W1,249.90 to the U.S. dollar on Monday. /Yonhap

      The won is being battered by forecasts of a further interest rate hike in the U.S. Federal Reserve Chairman Jerome Powell has warned of a 0.5 percentage point increase in May and even bigger rate hikes.

      Bank of Korea Governor Rhee Chang-yong also told reporters that the won faces further pressure if the U.S. hikes interest rates.

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