Seoul: The South Korean currency fell to its lowest level in more than four months against the U.S. dollar Friday, weighed down by lingering uncertainties over tariff negotiations with the United States and a strong greenback. The won was quoted at 1,412.4 per dollar as of 3:30 p.m., down 11.8 won from the previous session. It marked the weakest level since May 14, when it closed at 1,420.2.
According to Yonhap News Agency, the currency slipped past the psychologically important level of 1,400 won Thursday and extended its losses, as follow-up trade talks with the U.S. showed little progress. In late July, Seoul pledged to invest US$350 billion in the U.S. as part of a package deal on President Donald Trump's new tariff scheme. But the two sides have yet to finalize details.
Trump has insisted that South Korea provide the investment funds "up front," while Seoul has said that doing so without securing an unlimited currency swap line as a safeguard could trigger a financial crisis.