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Won`s Value Plunges to 1,506 Against US Dollar

Posted February. 21, 2009 07:44,   


The Korean won weakened by the most in three months as the currency fell under 1,500 per U.S. dollar and to a record-low 1,600 per 100 Japanese yen Friday.

The benchmark stock market KOSPI also tumbled below 1,100, setting a new low this year.

The won-dollar exchange rate jumped 25.5 points to close at 1,506.50 on the same day.

After Seoul’s foreign exchange market opened Friday, the rate rose two points from a day ago to 1,483. Boosted by higher dollar demand, however, the rate soared to 1,515.

As dollars were dumped on the market before closing, the exchange rate fell below 1,510 per dollar apparently due to state intervention.

The rate breached the 1,500 mark for the first time since November 25 last year.

Against the Japanese yen, the won fell to 1,599.41 per 100 yen, a new low since the government began keeping track of the rate in April 1977.

The benchmark stock market KOSPI also plummeted 41.15 points (3.72 percent) from a day ago to close at 1,065.95.

jaeyuna@donga.com mint4a@donga.com