Won Weakens to 10-Year Low
18 March, 2020
The Korean won weakened to the cheapest level against the U.S. dollar in ten years as a result of coronavirus epidemic.
The won closed straight down W17.50 to W1,243.50 against the greenback on Tuesday, the lowest since June 11, 2010.
The Korean currency fell for four direct sessions, falling W50.50 against the dollar or 4.2 percent despite the fact that the U.S. Federal government Reserve slashed the main element interest by 1.5 percentage details this month.
Jeon Seung-ji, a great analyst in Samsung Futures, said, "There is an acute feeling of dread that the dollar is the only safe-haven expense, causing investors to dump stocks and bonds and purchase dollars, which includes been particularly hard on the currencies of emerging economies."
The federal government is poised to announce a couple of measures on Wednesday targeted at calming financial industry jitters.
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