The Korean Won retracts its lowest annual levels
On February 3 / WAM / The South Korean currency fell at a sharp pace against the US dollar today, Monday, due to the increasing concerns about the impact of the comprehensive customs duties plan for the administration of US President Donald Trump, on the economy and South Korean companies.
The Korean News Agency “Yonhap” stated that the Korean Won exchange rate reached 1466 Wons at the dollar, a decrease of 13.3 Won from the previous session, and decreased to 1471.35 Won at 10 am.
The value of Won today was the lowest level so far this year, as the previous minimum level was 1470.8 Won on January 13.
The local currency has been near the level of 1450 Won since December, the lowest level since March 2009 in the wake of the global financial crisis; This is due to the continued rise in the dollar amid Trump’s warnings about customs duties and the internal political crisis raised by President Yun Siuk -ol imposition of martial law.
On Saturday, Trump announced that he would impose 25% customs duties on imports from Canada and Mexico, and 10% on goods coming from China; Starting tomorrow, Tuesday, also pledged to impose new customs duties on the goods from the European Union.
It is feared that comprehensive customs duties and reprisals negatively affect the South Korean companies that have production rules in those countries.
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