South Korean Won Gains as Analysts Anticipate Intervention
The South Korean won gained today on speculation that the South Korean central bank will step in to support the nation’s currency that is depreciating amid concerns about global growth.
The South Korean currency was declining on falling demand for nation’s exports and uncertain prospects for economic growth. The death of the North Korean leader added to concerns as it may destabilize the political and, as a result, the economic situation in the region. The government said that, despite the problems, the country’s current account surplus may exceed $27.2 billion this year.
USD/KRW fell from 1,157.2999 to 1,152.6000 as of 10:34 GMT today.
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Earlier News About the South Korean Won:
- Won Retreats as Importers Buy Dollars (2011-12-27)
- South Korean Won Drops After North Korean Leader Dies (2011-12-19)
- Korea's Won Weakens After BoK Keeps Rates Unchanged (2011-12-08)
- Won Gains on US Employment & Hopes for Europe, Falls Again (2011-12-05)
- Korea's Won Still Feels Pressure from Europe (2011-11-18)