Won Plunges on U.K. Fiscal Shock

  • By Shon Jin-seok

    September 27, 2022 09:24

    The won plummeted another W22 against the U.S. dollar on Monday to close at W1,431.30. The last time the won plunged over W20 in a single day was in March 2020, amid the global coronavirus panic.
    The latest shock came as the British pound fell to a record low against the dollar after the U.K., which is reeling from an energy shortage, announced massive government subsidies and tax cuts, raising fears of worsening fiscal health and prompting a sell-off of British sovereign bonds.
    An electronic board shows the Korean won closing at 1,431.30 against the U.S. dollar at KEB Hana Bank headquarters in Seoul on Monday.
    The jitters also spread through the stock market here.
    The Korea Composite Stock Price Index fell 3.02 percent to 2,220.94 points, the lowest level in two years and two months. The junior Kosdaq also closed down 5.07 percent at 692.37 points. It was the first time in two years and three months that the Kosdaq ended below 700.
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