The South Korean won fell against the US dollar today as the surprise monetary easing from the central bank of Singapore hurt Asian currencies in general while political turmoil in South Korea was hurting the won in particular.
Currencies across Asia fell on Thursday after the Monetary Authority of Singapore weakened the Singapore dollar and issued a pessimistic forecast. Meanwhile, Korea’s ruling party lost its parliamentary majority after elections. This led to concerns that the government will have troubles with implementing necessary economic reforms.
USD/KRW rose from 1,146.05 to 1,149.00 as of 15:18 GMT today, reaching the high of 1,158.75 intraday.
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