Korean WonSlides Against Dollar Reaching 1388.7 per USD

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10 月 26, 2024 #Decline, #KoreanWon, #韩联社-经济

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Korean Won Weakens Against US Dollar, Falling 8.5 Won

Seoul, South Korea – The Korean won weakened against the US dollar on Friday, falling 8.5 won to close at 1,388.7 won per dollar. This marks a decline from the previous trading day’sclose.

The weakening of the Korean won comes amid a broader trend of global currency volatility, with investors closely watching developments in the US Federal Reserve’s monetary policy. The Fed’s recent interest rate hikes have strengthened the dollar against other currencies, including the Korean won.

The Korean won has been under pressure in recent months, with the country’s trade deficit and concerns about the global economic outlookweighing on the currency. The Bank of Korea has been intervening in the foreign exchange market to stabilize the won, but the currency has continued to weaken.

The Korean won’s decline is likely to have a mixed impact on the Korean economy.On the one hand, it could make Korean exports more competitive in global markets. On the other hand, it could make imports more expensive, potentially leading to higher inflation.

Market analysts are closely watching the Korean won’s movements, as it is a key indicator of the country’s economic health. The won’sperformance is likely to be influenced by a number of factors, including the US Federal Reserve’s monetary policy, global economic growth, and the Korean government’s economic policies.

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