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South Korean currency Won falls to 13-year low

South Korean currency Won falls to 13-year low

The won, the South Korean currency, fell to its lowest level in 13 years on Wednesday, amid concerns about aggressive rate hikes in the US would hurt the world’s largest economy. This will happen only when global growth slows.

The won fell 0.3 percent to 1297.6 per dollar. This was the lowest level since July 2009. The currency has been the worst performer in Asia with losses of over 8 per cent.

“It is possible that there may be an increase in dollar buying once the win crosses the 1,300 mark, but FX executives will also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg.

Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as quickly as possible without causing undue harm to financial markets and your economy.

Apart from concerns of rate hike, rising oil prices are also weighing on the win. Rising prices are increasing the cost of imports. In April, South Korea reported its first current account deficit in two years. Investors’ sentiments have also been hurt by rising geopolitical risks. This is especially true given North Korea’s launch of a series of missiles this year. Foreign investors sold $4.2 billion in local shares this month, according to a Bloomberg tally.

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South Korean currency Won falls to 13-year low

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