Korean Won Weakens Against US Dollar, Falling 1.1 Won
Seoul, South Korea – The Korean won weakened against the US dollar on Thursday, falling 1.1 won to close at 1,369.7 won per dollar. This represents a slight decline from the previous trading day.
The weakening of the Korean won comes amid concerns about the global economic outlook, particularly in the United States. The US Federal Reserve is expected to maintain itsaggressive interest rate hikes in an attempt to combat inflation, which could further strengthen the dollar and weaken other currencies.
The Korean won has been under pressure in recent months, as investors have become increasingly cautious about the South Korean economy. The countryis facing a number of challenges, including rising inflation, slowing economic growth, and geopolitical tensions in the region.
Market analysts are closely watching the situation and expect the Korean won to remain volatile in the coming weeks. They are also monitoring theupcoming US Federal Reserve meeting, which is expected to provide further clarity on the direction of US monetary policy.
The Bank of Korea has been intervening in the foreign exchange market to stabilize the won, but its efforts have been limited. The central bank is likely to continue to monitor the situation and take further action if necessary.
The weakening of the Korean won is a concern for South Korean businesses, as it makes imports more expensive and reduces the value of their exports. It also has implications for consumers, who may see higher prices for imported goods.
The Korean won’s future will depend on a number of factors, including the globaleconomic outlook, US monetary policy, and the performance of the South Korean economy. Investors will be closely watching these developments in the coming months.
References:
- Yonhap News Agency (2024, October 18). 15:30 외환 환율: 1달러=1369.7원. Retrieved from https://www.yna.co.kr/
Views: 0