Seoul: Won slides to 16-week low on heightened North Korea risks

[SEOUL] The South Korean won dropped to a more than 16-week low on Tuesday as geopolitical risks heightened after North Korea test-launched a missile earlier in the session.

North Korea made an announcement as South Korean market were closing that its intercontinental ballistic missile-class (ICBM) rocket test was successful.

The won was quoted at 1,150.6 to the US dollar at the conclusion of onshore trade, down 0.3 per cent compared to Monday's close of 1,146.9. It was the weakest closing level since March 10.

South Korean shares also faltered late in the session with the Korea Composite Stock Price Index (Kospi) closing down 0.6 per cent at 2,380.52 points.

Foreign investors sold a net 193.6 billion won (S$232.88 million) worth of Kospi shares for the day.

REUTERS