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South korean currency slides rapidly as foreign investors dump shares

Published on June 30, 2008

Asian currencies, led by South Korea's won, declined this week as overseas investors increased sales of local shares following the biggest loss in US stocks in almost three weeks.

The won slumped 5.5 per cent this quarter, the most since the period ended December 2000, on concern that record oil prices will slow the nation's economic growth. The MSCI Asia Pacific index of equities fell, with the benchmark heading for its worst first half since 1992.

"There's a big tumble in stocks out there, sapping appetite for the won," said Jay Won, a currency dealer at Korea Exchange Bank in Seoul. The won fell 1.3 per cent this week to 1,041.80 against the dollar in Seoul, according to Seoul Money Brokerage Services Ltd. The currency has declined 11.3 per cent this year, the second- worst performance among the 10 most-active currencies in Asia outside Japan.

Bloomberg

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South korean currency slides rapidly as foreign investors dump shares

Asian currencies, led by South Korea's won, declined this week as overseas investors increased sales of local shares following the biggest loss in US stocks in almost three weeks.

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