South Korean Won falls to its lowest for first time since 2009

214

23rd June 2022 – (Seoul) As U.S. dollar continues to strengthen, South Korean Won fell as much as 0.42% below the psychological support of 1,300 per U.S. dollar for the first time in 13 years since 14th July 2009 as global recession fears loom. The won has already weakened more than 8% this year.

According to Reuters, South Korea has posted an accumulative $7.83 billion trade deficit from January until May this year, and if the trend continues, Asia’s fourth largest economy will log the first annual deficit since 2008. Bloomberg reported earlier that South Korea’s won is set to extend declines after closing at the weakest level in more than decade on Thursday as the export-driven economy grapples with the impact of China’s Covid lockdowns and high energy prices. 

Comments