Korean Won Rises as Crude Oil Retreats from Record

The South Korean won gained today as the prices for crude oil went down from the highest level in 29 months, easing concern about impact of fuel prices on the global economy.
The prices for crude oil went down 0.7 percent to $104.24 per barrel in New York as the members of the Organization of Petroleum Exporting Countries may increase production to offset the impact of the conflict in Libya on supply of crude. Analysts think that the Bank of Korea may raise its benchmark seven-day repurchase rate by 25 basis points to 3 percent tomorrow as the inflation accelerated to 4.5 percent in February, the highest level in two years.
USD/KRW fell from 1,115.6000 to 1,115.5499 as of 10:32 GMT today.

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