Forex
 |
|
|
LinkBack | Thread Tools | Display Modes |
08-11-2008, 08:51 PM
|
|||
|
|||
S.Korea won down on economy, gov't buying Flecked
The South Korean won turned lower against the dollar on Tuesday as lingering worries about a slowing global economy dented sentiment for the local currency.
But the authorities were seen selling dollars in what dealers said was a modest intervention, preventing the won from sliding further. The local currency was quoted at 1,032.8/3.4 per dollar at 0309 GMT, compared to Monday's domestic close of 1,031.9. "I saw some dollar sales by the authorities at around 1,033. The won is likely to weaken to reach yesterday's low, unless the authorities carry out massive intervention," said a local bank dealer. On Monday, South Korea's foreign exchange authorities were estimated to have sold up to $2 billion after warning of action to check the won's sharp fall, as the unit hit a one-month low of 1,037.4. South Korean shares fell 0.34 percent and foreign investors bought a net 117 billion won worth of stocks in the country's main exchange as of midday. 0309 GMT 0020 GMT prev close Won 1,032.8/3.4 1,031.4/1.7 1,031.9 Yen/won 9.3781/843 9.3705/57 9.3697/50      
|
|
| Tags |
| forex, outlook, south korea, won, yen |
| Thread Tools | |
| Display Modes | |
|
|
Linear Mode
