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Fast-Falling Exchange Rate

Posted February. 23, 2005 22:41,   


A dealer of the Korea Exchange Bank is covering his face as if in pain as the Korean won falls against the U.S. dollar in the Seoul foreign exchange market yesterday. The won-dollar exchange rate fell to 998.1 won at one time. However, due to the foreign exchange authority’s intervention and explanation of the Bank of Korea, the market ended at 1,003.8 won, a 2.3 won lower price than the day before.