19Aug
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Won falls sharply, stocks dip

  • The South Korean won fell nearly 1 per cent on Friday, giving up gains from earlier in the week even as the dollar wallowed at close to tow-month lows.
  • The won stood at 1,116.7 as of 0217 GMT, compared to Thursday’s close of 1,107.2.
  • There is no special reason for the won’s sharp fall. It seems like the investors are deciding to sell the currency just because they view the won isn’t likeley to strengthen anymore,said Jung Sung-yoon, a foreign exchange analyst at Hyundai Futures.
  • On a weekly basis, the won was set to decline 1.2 per cent, snapping three consecutive weeks of gains.

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