Seoul: Won falls on rate cut view; shares at 7-week high
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SEOUL] The South Korean won was pushed lower along with regional peers on Wednesday after Singapore unexpectedly eased its monetary policy, heightening speculation that the Bank of Korea may be pressured to follow suit with a rate cut of its own.
The local currency was quoted at 1,084.5 to the dollar at the conclusion of onshore trade, compared to 1,079.8 seen at the end of Tuesday's session.
South Korean shares reversed early losses to close higher on Wednesday, underpinned by institutional buying as the main bourse scaled to a 7-week high.
The Korea Composite Stock Price Index (KOSPI) gained 0.47 per cent to close at 1,961.58 points.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
