Investors Flee South Korean Stocks, Won Drops

The South Korean won dropped today on signs that overseas investors were pulling their money from the nation’s economy. The drop should be welcomed by South Korean policy makers, who were not particularly happy with the strength of the currency, though talks about a potential intervention still persist.
The exchange data showed that global funds sold $443 million more South Korea’s shares than they bought. It was the biggest selling since March 14. There were speculations that nation’s officials are not happy with the exchange rate and an intervention is likely. On top of that, the won was also hurt by the same factor as other Asian currencies — high oil prices.
USD/KRW went up from 1,019.0000 to 1,020.5250 as of 11:13 GMT today.

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