Korean Won Rebound as Exporters Profit from Currency’s Drop

The South Korean won recovered today from the previous drop to the lowest level in seven weeks as exporters took chance to turn their profits into the nation’s currency.
The Ministry of Knowledge Economy reported at the beginning of this month that exports jumped 26.6 percent in April from a year ago to the record of $49.77 billion. Bahk Jae Wan, the candidate for the office of South Korea’s finance minister, said he will take measures to reduce the influence of the â€œherd behavior” and volatility in currency markets on the nation’s currency. Analysts are concerned that the gains of won will be tempered by the crisis in Europe.
USD/KRW dropped to 1,097.30 from 1,098.05 today as of 12:44 GMT.

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