Korean won falls to 27-month low
- 5 years ago
원/달러 환율 1,170원 돌파…2년 3개월여 만에 최고
The Korean won continues to slip against the U.S. dollar and today, it fell to the lowest level since January, 2017.
With the U.S. economy going strong... the depreciation of Korean won could last for a while longer.
Here’s Arirang’s senior economics correspondent, Kim Hye-sung.
South Korea’s won fell to a 27-month low amid a rally in the greenback.
The won slid around zero-point-four percent on Friday to close at 1-thousand-170 to the dollar.
The Korean won has continued to depreciate in recent months due to weakening economic data - exports declined for five consecutive months, and GDP growth in the first quarter contracted zero-point-three percent, the biggest drop since the global financial crisis.
Analysts say it wasn't just a weaker economy that pulled down the won but a stronger dollar too.
"The U.S. Federal Reserve’s comments played down the possibility of a rate cut in the near term. U.S. GDP growth remained strong at over three percent in the first quarter, sapping the appetite for risk and pushing the dollar up. Also playing a role was a weaker Australian dollar due to lower than expected building approval data, a sign of slowing economic growth."
In April, the won fell two-point-eight percent against the U.S. dollar, falling by the biggest margin among the G20 countries after Turkey.
With the U.S. expected to post strong non-farm payroll data Friday local time, analysts say the dollar will strengthen at least in the short-term, further weighing on the won.
Kim Hyesung, Arirang News.
The Korean won continues to slip against the U.S. dollar and today, it fell to the lowest level since January, 2017.
With the U.S. economy going strong... the depreciation of Korean won could last for a while longer.
Here’s Arirang’s senior economics correspondent, Kim Hye-sung.
South Korea’s won fell to a 27-month low amid a rally in the greenback.
The won slid around zero-point-four percent on Friday to close at 1-thousand-170 to the dollar.
The Korean won has continued to depreciate in recent months due to weakening economic data - exports declined for five consecutive months, and GDP growth in the first quarter contracted zero-point-three percent, the biggest drop since the global financial crisis.
Analysts say it wasn't just a weaker economy that pulled down the won but a stronger dollar too.
"The U.S. Federal Reserve’s comments played down the possibility of a rate cut in the near term. U.S. GDP growth remained strong at over three percent in the first quarter, sapping the appetite for risk and pushing the dollar up. Also playing a role was a weaker Australian dollar due to lower than expected building approval data, a sign of slowing economic growth."
In April, the won fell two-point-eight percent against the U.S. dollar, falling by the biggest margin among the G20 countries after Turkey.
With the U.S. expected to post strong non-farm payroll data Friday local time, analysts say the dollar will strengthen at least in the short-term, further weighing on the won.
Kim Hyesung, Arirang News.