South Korea Holds Interest Rates, Won Goes Lower

The South Korean won declined today as the nation’s central bank kept the main interest rate unchanged, most likely influenced by threat of the European problems and the downgrade of the US credit rating for the global economy.
The Bank of Korea held its seven-day repurchase rate at 3.25 percent. Such move wasn’t unexpected by markets. According to analysts, declining oil prices and a weak currency can help the economy of the Asian nation.
USD/KRW went higher from 1,083.80 to 1,084.5 as of 10:34 GMT, while its reached today’s high of 1,090.70 earlier.

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