Almost all Asian currencies, especially high-yielding ones, took a massive hit this week, with the highest drops being near the end of the week. South Korean won has posted the largest weekly decline in almost two months.
On Thursday South Korea’s won reached its minimum value against the U.S. dollar since August 2007 and then retraced back just a little on Friday on the weak trading volumes.
The highest point for this week on USD/KRW was near the 949 mark with about 1.8% maximum gain. This currency pair ended the week a bit lower, closing at 941 wons per dollar.
Investors were moving out from the risky assets including the high-yielding currencies of the Asian region and bought the less yielding U.S. dollar and Japanese yen that gained significantly this week.
South Korean officials also used pessimistic comments to describe the state of the economy’s potential with the current oil prices and the elevated global financial volatility.
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