Seoul: Won drops to 9-month low, shares slightly down

[SEOUL] The South Korean won slumped to a more than nine-month low on Thursday, marking its sixth consecutive session of decline and breaking through the psychological level of 1,200 intraday.

The won was quoted at 1,199.1 to the dollar at the conclusion of onshore trade, lowest since March 10, 2016. It closed down 0.4 per cent compared to Thursday's close of 1,193.9.

The won, along with other Asian currencies, is under pressure from the prospect of higher US rates and jitters about incoming President Donald Trump's future policies.

South Korean shares changed course later in the session as foreign investors turned into net sellers of local equities.

The Korea Composite Stock Price Index (KOSPI) closed down 0.1 per cent at 2,035.73 points.

REUTERS