South Korean Won Falls Against Dollar And Yen
October 13 2009 - 12:07AM
RTTF2
During early Asian deals on Tuesday, the South Korean won edged
down against its U.S. and Japanese counterparts as a fall in
regional stock prices reduced demand for the currency.
The South Korean stock market is trading weak today with
investors pressing some heavy sales in front line stocks following
reports North Korea launched five short-range missiles and is
likely to fire more.
Bank, oil, steel and shipbuilding stocks have declined sharply,
while automobile and technology stocks are exhibiting a mixed
trend.
The benchmark KOSPI index, which fell to 1,614.4, is currently
trading at 1,632, down 7.12 points, or 0.43%, from its previous
close.
Against the US dollar, the South Korean won edged down during
early Asian deals on Tuesday. At 11:05 pm ET, the won touched a low
of 1169.95 against the dollar, compared to 1168.00 hit late New
York Monday. The next downside target level for the South Korean
currency is seen around 1183.6.
The South Korean currency lost ground after hitting a high of
12.9740 against the Japanese yen during Tuesday's early Asian
deals. At 11:05 pm ET, the won slipped to 13.0310 against the yen
with 13.34 seen as the next support level. The yen-won pair closed
Monday's North American session at 12.9980.
According to data released by Bank of Japan, the benchmark
measure of money supply, M2, rose 3% year on year to a daily
average of 757.8 trillion yen in September. M3 was up 2.2% in the
same period.
The Bank of Japan began its two-day monetary policy meeting
today and will announce its decision on interest rates at its
conclusion tomorrow. Analysts expect the bank to keep rates on hold
at the record low 0.10 percent, although investors will be looking
for clues as to how soon the bank may raise rates - especially
after Australia hiked rates in a surprise move last week.
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