SEOUL: The South Korean won fell to a week’s low against the dollar by midday on Wednesday, in opposite step to the greenback’s rise on improved prospects for a US Federal Reserve interest rate hike this year.
The won was down 0.3 per cent at 1,107.4 per dollar as of 0256 after touching as high as 1,110.0, its lowest since June 18. On Tuesday, it closed at 1,104.6.
Earlier on Wednesday a ruling party official said South Korea will draw up a supplementary budget expected to exceed 10 trillion won ($9 billion), to help cope with the effects of the outbreak of Middle East Respiratory Syndrome and an economic slump.
Meanwhile, data on Tuesday showed US new single-family home sales in May hit a seven-year high. Combined with other data, it helped underpin the case for increasing US interest rates.
