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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, June 4 — The Korean won has remained above the 1,500-per-dollar level for 13 consecutive trading days, surpassing the record set during the 2009 global financial crisis.
As of 9:59 p.m. on June 3, the won traded at 1,527.40 per dollar, down 0.69% from the previous session, according to Investing.com. The Japanese yen also weakened, with the dollar trading in the mid-159 yen range, reflecting broader pressure on Asian currencies.
Despite strong exports, a stock market rally and expectations of interest rate hikes, the won has struggled to recover. Analysts point to geopolitical uncertainty, including stalled U.S.-Iran negotiations, which have driven volatility in global oil prices and weighed on Korea’s currency.
Foreign investor outflows have added to the pressure, with net selling in the benchmark KOSPI totaling more than 60 trillion won over 18 consecutive trading sessions.
A weaker won raises import costs for businesses and adds to inflationary pressure for consumers, heightening concerns over the broader economic impact.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065543264535361
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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