The Korean won soared above one-thousand-350 won against the U.S. dollar during the first trading day of the week, crossing the threshold for the first time in 13 years and four months.
Monday kicked off with the Korean currency opening at one-thousand-342-point-five won to the dollar, up eleven-point-two won from the previous trading day.
At 12:32 p.m, the won hit a yearly high of one-thousand-350-point-eight won before falling back below the one-thousand-350-won level.
The won had not surpassed the one-thousand-350-won mark since April 29, 2009, when it reached one-thousand-357-point-five won against the greenback.
The Korean currency’s continuing depreciation follows repeated hawkish remarks by U.S. Federal Reserve Chair Jerome Powell who signaled aggressive rate hikes, to which the dollar gained strength.
Source: KBS World Radio