Markets

South Korea won drops more than 1pc as foreigners sell ahead of Yellen

Published July 15, 2014 Updated July 15, 2014 05:35am

1 min

By Shoaib Ur Rehman

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SEOUL: The South Korean won dropped by more than 1 percent against the dollar on Tuesday, weighed down by offshore investors seeking the US dollar ahead of a much anticipated testimony by Federal Reserve chief Janet Yellen.

The won was quoted at 1,028.3 against the dollar as of 0537 GMT, down 1 percent from Monday's local close at 1,018.2 and headed to notch its worst daily performance since Feb. 3.

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