Won Continues Downward Spiral

  • By Kim Shin-young

    September 07, 2022 10:56

    An electronic board shows the Korean won closing at 1,371.70 against the U.S. dollar at KEB Hana Bank headquarters in Seoul on Tuesday. /News1
    The Korean won fell against the U.S. dollar for a fourth day running on Tuesday to the lowest level so far this year, closing down W0.3 at W1,371.70.
    The won has fallen by W34.10 over the last four trading sessions to the lowest in 13 years and five months.
    It plunged to the W1,380 level as soon as Wednesday's trading session began.
    The U.S. Federal Reserve continues aggressive interest rate hikes causing the dollar to strengthen as investors search for safe-haven assets.
    Finance Minister Choo Kyung-ho intervened verbally, but to little effect. "We are monitoring the market situation and will take preemptive steps if necessary," Choo said.
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