South Korea's currency tumbled to a near 11-year low against the U.S. dollar Monday, breaching the 1,500-won mark as offshore investors cut their holdings of local stocks amid recession woes, dealers said.
The local currency closed at 1,513 won to the dollar, down 18 won or 1.2 per cent from Friday's close and the weakest since March 13, 1998 when it finished at 1,521. The won has declined more than 38 per cent to the greenback so far this year.
Dealers said the won's weakness came as the Seoul bourse lost ground, mainly led by a selling spree of local stocks by foreign investors.
"The local stock market's steep losses put downward pressure on the local currency," said Jeon Seung-ji, a currency analyst at Samsung Futures Inc. "There was dollar demand from importers to cover month-end bills."
South Korea's benchmark KOSPI dropped 3.35 per cent to 970.14. Foreign investors dumped a net 84.3 billion won (US$55.8 million) worth of local stocks on the Seoul stock market.
The won plunged to an intra-day low of 1,517 won at one point. Dealers said dollar sales by foreign exchange authorities to defend the won were not seen until toward the market's close.
"The news that the U.S. government unveiled a plan to rescue troubled Citigroup added some upward pressure on the local currency during the session, but it was not strong enough to reverse its course," said Kim Doo-hyun, a dealer at Korea Exchange Bank.
Analysts said the won will likely experience downward pressure for the long haul, although the local currency may gain ground against the dollar due to its excessive short-term decline.
With jitters over a global recession spreading, major financial institutions are slashing their 2009 growth projections for South Korea, Asia's fourth-largest economy, adding to worries over the fundamentals of the export-focused economy.
Last week, Finance Minister Kang Man-soo told lawmakers that South Korea's economic growth could fall below 3 per cent in 2009.
The Switzerland-based UBS AG predicted that Asia's fourth-largest economy will likely contract 3 per cent next year.
(Yonhap)
+ 뉴스비평은 아닌데.. 꼭 비평을 해야지만 보낼 수 있는 건가? 어쨌든 뉴스... 밸리에 보냄... ㅡㅡ;;


덧글
xmaskid 2008/11/25 07:59 # 답글
우리 엄마는 지난 여름에 내가 보내드린 2000불짜리 체크 아직도 안바꾸고 쥐고 계신다더라...
쿨짹 2008/11/25 08:02 #
우와.. 돈 버셨는데요 ㅋㅋㅋ
세상 2008/11/25 08:30 #
갑자기 바꾼 체크에 계좌빵꾸날지도 ㅋ돈많으면 체킹에 2천불은 여유인가 -_-;
xmaskid 2008/11/25 14:39 #
이거 캐시어즈 체크라서 이미 난 지난 여름에 돈 체킹에서 나갔어...ㅋㅋ...나 체킹어카운트에는 1000불도 없어...ㅋㅋ
쿨짹 2008/11/26 03:05 #
흐 나 체킹에 돈 많은데.. ㅡㅡ;; 뭐 많다고 해봤자...그거 계속 옮기고 그런 게 넘 귀찮아요. (뭐 자랑이라고... ㅋㅋ
2008/11/25 08:35 # 답글
비공개 덧글입니다.
쿨짹 2008/11/26 03:06 #
그렇죠. ㅠㅜ
올비 2008/11/25 13:16 # 답글
한국이 선두국가 중 하나라는 표현에 급 슬퍼져요 ;ㅂ; 부정할 수 없는 현실이라는 점 땜에 말이죠 흑 ㅠㅠ
쿨짹 2008/11/26 03:09 #
흙 좀 더 다른 표현이 있을텐데 그것 밖에 생각이 안났어요. ㅠㅜ