S. Korean currency tumbles against US$
Seoul: South Korea’s currency tumbled on Monday as hawkish comments, made by US Federal Reserve Chair Jerome Powell, led to a strong US dollar.
The won/dollar exchange rate finished at 1,350.4 won per dollar, up 19.1 won from the previous close.
It marked the highest close in over 13 years since April 2009 when the global financial crisis roiled financial markets across the world.
Powell’s tough stance against inflation dented market hopes that the Fed may soon reverse course.
South Korea’s foreign exchange authorities issued a verbal warning to slow the local currency’s fast slide versus the greenback.
Bang Ki-sun, the country’s first Vice Finance Minister, said the government will make policy efforts for market stability in preparations for excessive herd behavior in the market. (UNI/XINHUa)