All
 

 

Just in:  

You are here: Home»Top News»Pakistan Top News»South Korea won hits 13-week low; biggest daily fall since Sept 2011

won--SEOUL: The South Korean won plunged to its lowest in 13 weeks against the dollar on Monday and marked its biggest one-day decline since September 2011, as offshore players and local importers snapped up the US currency.

 

The local currency stood at the intraday low of 1,093.5 per dollar at the end of onshore trade, down 1.7 percent from Friday's domestic close at 1,074.5. It was the fourth straight day of losses and marked the won's lowest level since Oct. 30 last year.

 

Market participants said investors had started to unwind dollar-short positions as foreigners continued to take money out of the local stock market, after Seoul shares slid on weak corporate earnings and business outlooks.

 

Steady demand for dollars from local importers seeking to pay off contracts also pressed down the won, outweighing month-end dollar sales from exporters at home.

 

"I believe importers who missed the chance at buying dollars when the won started to fall last week dumped the local currency today," said a foreign bank dealer in Seoul.

 

Another dealer in Seoul said the drop in the local currency had brought out other sources of demand for the dollar, which pushed the won down further.

 

With traders discouraged by concerns over fourth-quarter earnings, the benchmark Korea Composite Stock Price Index (KOSPI) ended down 0.4 percent.

 

Local bond prices fell, tracking a sell-off in US Treasuries last week on news that European banks would repay more emergency loans than expected.

 

Market players largely shrugged off comments from a South Korea central bank board member, who heightened warnings against a possible surge in capital inflows as a result of ultra-loose monetary policy led by advanced economies.

 

"An atmosphere of protectionism is spreading and South Korea needs to take a much more serious view about this," Ha Sung-keun, a member of the Bank of Korea's seven-member monetary policy committee, told reporters on Monday.

 

March futures on three-year treasury bonds fell 0.11 point to 106.29.

 

The yield on the benchmark five-year treasury bonds  and the yield on the three-year treasury bonds were both down 3 basis points.

Copyright Reuters, 2013


 



 
Index Closing Chg%
Arrow DJIA 16,501.65 0.08
Arrow Nasdaq 4,126.97 0.83
Arrow S&P 1,875.39 0.22
Arrow FTSE 6,674.74 0.11
Arrow DAX 9,544.19 0.58
Arrow CAC-40 4,451.08 0.74
Arrow Nikkei 14,546.27 1.09
Arrow H.Seng 22,509.64 0.97
Arrow Sensex 22,876.54 0.52





where to buy

cheap wedding dresses

online - weddingdresstrend.com

Buy cheap Nike Mercurials cleats at mercurialscleats.com
cheap wedding dresses on SiteSteer.com - Best Online Wedding Store


Banking Review 2013


Buy direct from

China free shipping trade platform

Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln