SEOUL: The South Korean won slumped sharply against the U.S. dollar Thursday, ending its three-day winning streak as its recent rally was excessive and durable goods orders in the U.S. dropped unexpectedly last month, raising concerns over manufacturers amid a strong dollar, dealers said.
The local currency closed at 1,108.00 per dollar, down 7.2 won from the previous session’s close.
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The won had rallied some 3 percent over the past few trading sessions on expectations that the U.S. Federal Reserve may delay its rate hike due to weaker-than-expected economic data.
“Dollar selling by local exporters, along with continued foreign stock buying, will keep pressure on the won,” said Sun Sung-in, an analyst at Shinhan Investment Corp.
South Korean shares remained in negative terrain Thursday, tracking overnight falls in Wall Street.
The country’s key stock index, the KOSPI, shed 20.25 points, or 0.99 percent, to end at 2,022.56 points.
