Korean won sees biggest fall vs. dollar in nearly 3 months
Korean won sees biggest fall vs. dollar in nearly 3 months
  • By D. Peter Kim (Peterkim@koreaittimes.com)
  • 승인 2015.05.28 00:34
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The Korean currency has seen its biggest fall against the greenback in nearly three months amid rising jitters over the country’s economic growth, Bloomberg said Tuesday.

The won declined one percent Tuesday to finish at 1,101.05 per dollar, its biggest dip since March 9, though it has gained 0.8 percent on the greenback in this year’s second quarter and 2.7 percent on the Japanese yen.

Bank of Korea Gov. Lee Ju-yeol told a meeting of economists Tuesday that May exports have declined likely because of falling oil prices and sluggish recovery in global trade, backtracking on his earlier optimism of an improving situation made in late April.

“Worries about exports and the won’s relative strength have been in place for a while,” Bloomberg quoted Son Eun Jeong, a Seoul-based currency analyst at Woori Futures Co, as saying. “These concerns are likely to limit any gains in the won.”

The central bank will hold its next monthly meeting to decide the benchmark interest rate June 11. March saw a surprising cut of 25 basis points, but has since remained frozen for two straight months.

By D.H.Peter Kim


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