South Korean Won Slides To 5-day Low Against US Dollar

During early Asian deals on Monday, the South Korean won declined to a 5-day low against the US dollar as a fall in regional stock prices reduced demand for the currency. On the other hand, the won showed strength against the Japanese yen.

The South Korean stock market opened higher today as bank and technology stocks rallied sharply in early trades, but has slipped into the red subsequently on heavy selling in steel, oil and telecom stocks.

The benchmark KOSPI index, which edged up to 1,661.4 in early trades, is currently down in the red at 1,637.2 with a loss of 9.93 points, or 0.60%.

The South Korean won that closed last week's deals at 1164.9 against the US dollar declined more than 0.65 percent to a 5-day low of 1172.6 on Monday morning in Asia. If the won weakens further, support is seen near the 1183.7 level.

Against the Japanese yen, the South Korean won traded higher during early Asian deals on Monday. At 12:15 am ET, the won reached a high of 12.9670 against the yen, compared to 12.9710 hit late New York Friday. The next upside target level for the South Korean currency is seen around 12.918.