Markets

South Korean won drops further on dollar strength, stocks decline

Published November 18, 2016 Updated November 18, 2016 08:21am

1 min

By Parvez Jabri

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SEOUL: The South Korean won declined for a second day on Friday as the dollar index hit more than 13-1/2 year high against a basket of major currencies amid expectations that the Fed will raise interest rates in December.

The won was quoted at 1,183.2 to the dollar at the conclusion of onshore trade, down 0.62 percent from Thursday's close of 1,175.9.

The Korea Composite Stock Price Index (KOSPI) closed down 0.3 percent at 1,974.58 points, as Asian stocks remained vulnerable on rising expectations of higher rates in the United States.

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