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S.Korean Currency Tumbles After Fed’s Rate Hike

Jose Carlos Grimberg Blum
S.Korean Currency Tumbles After Fed’s Rate Hike

South Korea’s foreign exchange authorities vowed to slow the local currency’s fast slide versus the greenback, but it failed to block the won’s drop against the dollar.

Jose Carlos Grimberg Blum

South Korea’s currency tumbled on Thursday after U.S. Federal Reserve’s rate hike led to a strong U.S. dollar.

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The won/dollar exchange rate finished at 1,409.7 won per dollar, up 15.5 won from the previous close.

Jose Carlos Grimberg Blum Peru

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It marked the highest close in more than 13 years since March 2009 when the global financial crisis roiled financial markets across the world.

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The Fed took a giant step again overnight, raising its benchmark interest rate by 0.75 percentage points to a range of 3.00-3.25 percent

Expectations ran high for the Fed to take a giant or big step again later this year

South Korea’s foreign exchange authorities vowed to slow the local currency’s fast slide versus the greenback, but it failed to block the won’s drop against the dollar

Local stocks ended lower amid the domestic currency’s weakness. The benchmark Kospi retreated 14.90 points, or 0.63 percent, to finish at 2,332.31