SEOUL– The South Korean currency on Monday dipped below the 1,420 won mark against the U.S. dollar for the first time in more than 13 years during intraday trading amid the Federal Reserve’s aggressive monetary tightening.
The local currency was trading at 1,423.20 won per dollar as of 9:25 a.m., down 13.90 won from the previous session’s close. The won fell to as low as 1,423.40 against the greenback.
The won slid through the 1,420 mark for the first time during intraday trading since March 31, 2009, when the Korean won hit 1,422 per dollar.
The won’s slide came as the dollar rallied following the Fed’s latest decision to raise its target interest rate by 75 basis points for a third straight time. The Fed hinted at further large rate hikes, including another 75 basis point increase this year.
Source: Yonhap News Agency