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S.Korean currency tumbles after Fed's rate hike

XINHUA 徽标 XINHUA 2022/9/23 eYooSeungki
© 由 XINHUA 提供

The won (L) and U.S. dollar banknotes are pictured in Seoul, South Korea, Sept. 22, 2022. (Xinhua/Wang Yiliang)

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.

SEOUL, Sept. 23 (Xinhua) -- South Korea's currency tumbled on Thursday after U.S. Federal Reserve's rate hike led to a strong U.S. dollar.

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

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

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.

© 由 XINHUA 提供

South Korea's currency hit the lowest in over 13 years Thursday on the strong U.S. dollar. (Xinhua/Wang Yiliang)

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.

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