South Korean won was among the other Forex traded currencies that triumphed over the U.S. dollar during this week as the USD was losing its ground on many areas. But today USD/KRW corrected from its almost two-month bottom.
The current account deficit in South Korea is seen as one of the most important monetary problems recently and while the dollar is losing because of the widening interest rate difference, the demand for the dollars in Korea is still very high.
Bank of Korea along with the major market analysts predict a further increase in the national current account deficit, based on the soaring oil prices and a decline in a global demand for the Korean goods. The South Korean deficit of the current accounts in January was at its highest value since 1997.
USD/KRW is trading at 938.25 as of today 10:01 GMT. It closed at 935.24 yesterday and is now showing more than 0.3% gain, even when the U.S. dollar is experiencing losses against the other world currencies.
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