South Korean Won Tumbles To 3-week Low Against Dollar
October 20 2009 - 11:57PM
RTTF2
The South Korean won tumbled to a 3-week low against the US
dollar during Wednesday's early Asian trading as a slump in local
stocks decreased demand for the South Korean currency. The won also
showed weakness against the Japanese unit.
After a weak start and a subsequent recovery, the South Korean
market has drifted down into the red on fairly heavy selling in
technology and shipbuilding stocks. The overnight negative close on
Wall Street on the back of disappointing U.S. housing data appears
to have hurt sentiment to a notable extent.
The benchmark KOSPI index, which rebounded to 1,665 after an
early fall, is currently trading at 1,649, down 10.1 points, or
0.62%, from its previous close. The KOSPI had ended up 10.1 points,
or 0.6%, at 1,659 on Tuesday.
In early Asian trading on Wednesday, the South Korean won
plummeted to a 3-week low of 1184.10 against the US dollar. The
next downside target for the Korean currency is seen at the 1189
level. The dollar-won pair closed yesterday's deals at 1161.10.
From U.S., the Energy Information Administration is scheduled to
release its weekly petroleum inventory report for the week ended
October 16th at 10:30 am ET. At 2:00 pm ET, the Federal Reserve is
due to release its Beige Book.
Boston Federal Reserve Bank President Eric Rosengren is due to
open the Boston Fed's annual Cape Cod economic conference in
Chatham, Massachusetts on re-evaluating regulatory and monetary
policy at 4:30 pm ET.
In early Asian trading on Wednesday, the South Korean dropped
against its Japanese counterpart. The won touched 13.0210 against
the yen by 11:20 pm ET, compared to yesterday's closing value of
13.0470. On the downside, the immediate likely support for the
South Korean currency is seen around the 13.195 level.
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