South Korean Won Slides To 2-day Low Against Japanese Yen

During early Asian deals on Wednesday, the South Korean won edged down against the US dollar and the Japanese yen despite a rise in stock prices. The won thus slipped to a 2-day low against the yen.

The South Korean stock market is trading firm today with the overnight surge on Wall Street and renewed optimism about the economy prompting investors to go in for some buying in banking, shipbuilding and steel stocks.

The benchmark KOSPI index, which rose to 1,625.1 in early trades, has pared some gains due to profit taking at select counters, but is still trading in positive territory at 1,605, up 7.09 points, or 0.44%, over its previous close.

The South Korean won that closed yesterday's trading at 1166.40 against the US dollar slipped to 1173.0 in early Asian deals on Wednesday. The next downside target level for the Korean currency is seen at 1182.4.

Against the Japanese yen, the South Korean won traded down during early Asian deals on Wednesday. At 11:05 pm ET, the won touched a 2-day low of 13.1920 against the yen, compared to 13.1290 hit late New York Tuesday. If the South Korean currency falls further, 13.265 is seen as the next target level.