Korean Won drifts away from Eight Month High to 1,076.68 per dollar

South Korea’s won fell for the third day, extending its decline from an eight-month high, on speculation importers are buying dollars to take advantage of the local currency’s recent gains.

The won advanced 1.3 percent in the two weeks through Oct. 4, according to data compiled by Bloomberg. The currency has been appreciating “fast” and the government is closely monitoring the market, Finance Minister Hyun Oh Seok told reporters on Sept. 27. The Bank of Korea held its benchmark repurchase rate at 2.5 percent today, as forecast by all 18 economists in a Bloomberg survey.

The won fell 0.3 percent to 1,076.68 per dollar as of 10:13 a.m. in Seoul from Oct. 8, according to prices from local banks compiled by Bloomberg. The currency strengthened to 1,067.07 on Oct. 7, the highest level since Jan. 24. Domestic financial markets were closed yesterday for a public holiday.


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