Won`s value hits 28-month low

In foreign exchange market activity Monday, the won closed the morning session at 1,294.40 won to the U.S. dollar, up 12.10 won from the previous day. Dealers said the won`s value was at its lowest point since Nov. 19, 1998.

The currency opened the day with a rapid surge to 1,291 won after rising to 1,293 in the non delivery forward (NDF) market. The rally got additional fuel from the Japanese currency, which climbed to 122 yen to the dollar on the Tokyo Foreign Exchange Market.

``The won lost much of its strength to the dollar after it fell in the NDF market a day earlier. As negative factors such as the weak yen persist, we set the resistance line at 1,300 won,`` said a commercial bank dealer.