A screen at the dealing room of Hana Bank headquarters in Seoul shows the main bourse KOSPI closed at 2,482.57, Tuesday, down 1.94 percent from the previous day, while the Korean won was trading at 1,403.2 won per dollar. As of 3:30 p.m., the exchange rate was at 1,403.5 won per dollar, marking the first time in two years that the closing price of the won-dollar rate surpassed 1,400 won. Yonhap
The Korean currency fell to the lowest in over two years against the U.S. dollar on Tuesday, moving in tandem with other currencies due to broader implications of Donald Trump's presidential victory on the financial and industrial sectors.
The Korean won opened at 1,399.1 won at 9 a.m., down 4.4 won from the previous session, and slid further to be quoted at 1,403.5 won to the dollar at 3:30 p.m.
It marked the first time since Nov. 7, 2022, that the local currency breached the psychologically important 1,400 won level.
From July, Korea extended the onshore foreign exchange trading hours to 9 a.m.-2 a.m. the following day, versus the current 3:30 p.m. close.
The stronger dollar around the globe came as Trump has vowed to impose high tariffs on imported goods, and implement protectionist measures and tax cuts, which would lead to an increase in budget deficit, higher inflationary pressure and a slowdown in the Federal Reserve's rate-cutting moves, according to experts.
Amid the post-election volatility, the won would possibly slide to the 1,450 level this year, they added. (Yonhap)
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