Won Retreats as Importers Buy Dollars

The South Korean won fell today as nation’s importers increased their purchases of dollars, while concerns about the region’s economic growth intensified, reducing appeal of Korea’s currency.
Demand for dollars from South Korean importers increased as they need to settle bills by the end of the year. Nation’s consumer confidence declined from 103 in November to 99 in December, the lowest level in three months. The KOSPI Index of shares dropped 0.8 percent today.
USD/KRW advanced today from 1,154.7999 to 1,158.5499 as of 11:00 GMT and reached the high of 1,161.9000 earlier.

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