Monday, September 29, 2008
The South Korean won declined to its lowest level since November 2005, as the country’s central bank said that the weaker currency will be helping against the economic stagnation.
The Bank of Korea decided to leave the interest rate unchanged at 5 percent points today as the inflation prevented using monetary policy easing to decrease the money cost and bust spending. This decision helped the Korean won to drop from 1033.3 to 1044.9 on Forex today.
Won is the worst performing world major currency this year. Like the other Asian free-traded currencies it’s being pulled down by high oil prices and the current account deficit spurred by the lack of financial liquidity.
USD/KRW reached its maximum value since November 2005 today — 1049.1 and is trading near 1044.6 as of 8:51 GMT.
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