The South Korean won rose against the dollar today. Gains were limited, though, as investors were concerned that the global economic slowdown would reduce demand for South Korean export, hurting the nation’s economy and the attractiveness of the currency.
The government report showed that South Korea’s exports declined 8.8 percent in July from a year ago. The Export Price Index fell by 1.3 percent in July (month-on-month). The Bank of Korea has kept its main interest rate at 3 percent on August 9, saying in its statement that economic growth had slowed both in Korea and globally.
USD/KRW fell from 1,135.9550 to 1,135.6500 as of 13:54 GMT today, but rebounded from the daily low of 1,133.2999.
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