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Seoul: Won hits 14-mth low to track falling yen; shares flat
[SEOUL] The South Korean won slumped to its lowest level in 14 months on Wednesday, tracking the Japanese yen's decline to a seven-year low after Prime Minister Shinzo Abe reaffirmed his commitment to support his country's flagging economy.
The won was quoted at 1,106.3 to the dollar at the conclusion of onshore trade, a level not seen since Sept 2, 2013. The local currency ended Tuesday's session at 1,099.0.
South Korean shares closed nearly unchanged on Wednesday, with investors hesitant to buy on nagging worries a falling yen could undercut the competitiveness of local exporters.
The Korea Composite Stock Price Index (KOSPI) ticked down 0.01 per cent to 1,966.87 points.