Off the wire
• New Zealand accelerates move to 10-year passports  • Turkish Super League results/standings  • Hong Kong stocks plummets on Monday  • Reserve Bank warns of rising economic risks from New Zealand housing crisis  • Indian stocks open with severe losses  • Twitter helps those with communication disabilities: Australian researchers  • Leading goal scorers of Italy's Serie A  • Leading goal scorers of German Bundesliga  • German Bundesliga resuls  • 1st Ld-Writethru: S.Korean president demands DPRK apology as inter-Korean emergency contact continues  
You are here: 　 Home

S. Korean currency weakens to 4-year low on tensions with DPRK

Xinhua, August 24, 2015 Adjust font size:

South Korea's currency weakened to the lowest in about four years on Monday to the U.S. dollar on concerns about the heightened tensions with the Democratic People' s Republic of Korea (DPRK).

The won/dollar exchange rate touched 1,200 won per dollar after the opening bell, marking the highest since Oct. 4, 2011. The rate was quoted at 1,196.6 won versus the greenback as of 1:45 p.m. local time (0445 GMT).

The exchange of artillery fires between the two Koreas inside the demilitarized zone (DMZ) on Thursday boosted worries about geopolitical risks among foreign investors.

Top-level military officials from South Korea and the DPRK have continued their marathon talks for three days in a row, but whether they could reach an agreement and defuse tensions remained uncertain.

Market watchers forecast the South Korean currency would keep a downward trend to the dollar on expectations for interest rate hike in the United States within this year.

The benchmark Kospi stock index tumbled 2.5 percent in the afternoon trading due to the inter-Korean tensions and worries about economic slowdown in China. Endi