Won Falls Vs. Dollar in Year`s 1st Trading Day

The Korean won tumbled against the greenback on the first trading day of the year Friday.

The won-dollar rate closed at 1,321, down 61.5 points from the previous session`s close Tuesday.

Businesses, which postponed the timing of U.S. dollar purchases at the request of financial authorities at year`s end, snapped up the dollar to cover import bills, dealers said.

The won-yen exchange rate closed at 1449.26 per 100 yen, down 52.6 points.

The benchmark Korea Composite Stock Price Index (KOSPI), however, soared 32.93 points, or 2.93 percent, to finish at 1,157.4. The tech-heavy KOSDAQ rose 7.71 points, or 2.32 percent, to 339.76.

legman@donga.com jarrett@donga.com