Won-dollar rate falls below 1,400 won for 1st time in 11 months
The Korean won strengthened to below the 1,400-won mark against the U.S. dollar for the first time in nearly 11 months, while the KOSPI plunged 5.8 percent on Wednesday. The won-dollar exchange rate closed at 1,397.7 won per dollar, down 14.1 won from the previous session. It was the first time that the rate fell below 1,400 won since Oct. 2 last year, when it stood at 1,399.5 won. Companies,…
For the first time in nearly 11 months, the Korean won has reached a rate below 1,400 won against the U.S. dollar, while the KOSPI stock market experienced a significant decline on Wednesday. The exchange rate closed at 1,397.7 won per dollar, a drop of 14.1 won from the previous session. This marks the lowest level since October 2nd of the previous year, when the rate was at 1,399.5 won.
Several companies, such as Samsung Electronics and SK hynix, are believed to have sold large amounts of dollars prior to this month's interim corporate tax payments. Additionally, recent U.S. consumer and producer price data came in below expectations, reinforcing the notion that the Federal Reserve will not raise rates next month. Consequently, the stock market suffered a sharp sell-off due to rising concerns over global bond yields.
The KOSPI index closed at 6,471.17, marking a decline of 5.8 percent. The index opened 4.96 percent lower, triggering a sell-side sidecar at 9:06 a.m. This downturn marked the 48th sidecar activation on the KOSPI index this year. Foreign and institutional investors sold a net 3.49 trillion won.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Won-dollar rate falls below 1,400 won for 1st time in 11 months koreatimes.co.kr