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Korean won drops to fresh 13-year low in intraday trading
Updated: 2022-06-23 10:07:38 KST
For the first time in 13 years, South Korea's currency on Thursday dropped below the psychological threshold of 1,3-hundred won to the greenback in intraday trading amid fears over further U.S. rate hikes.
As of 11:40AM, Korea time, the won is trading just above 13-hundred won against the U.S. dollar.
Thursday's low was the first time the won has fallen through the 13-hundred-won level since July 14th, 2009.
The weakening comes amid growing concerns over the Federal Reserve's fight against inflation that could tip the global economy into recession.
South Korea's finance minister said this week that financial authorities will take necessary measures if volatility continues in the currency market.
Reporter : sbshin@arirang.com