Won Plunges on Global Uncertainties

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August 18, 2021 13:20

The Korean won has fallen to the lowest level against the U.S. dollar in almost a year. The won closed down W7.3 at W1,176.30 against the greenback on Tuesday, the lowest since last September.

It started the session on a weak footing at W1,166, up W3 from the previous session’s close, but at one point in the day plummeted to W1,179.

An electronic board at KEB Hana Bank headquarters in Seoul shows the Korean won closing at a one-year low against the U.S. dollar on Tuesday. /Newsis

One reason is that investors are turning to safe assets like the dollar amid new fears about the Delta variant of coronavirus.

Foreign investors dumped a record W7 trillion worth of stocks last week. The overheated Korea Composite Stock Price Index closed down 0.89 percent at 3,143.09 on Tuesday as they sold off W410 billion worth of stocks.

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