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| ▲ Officials work at a trading room of Hana Bank in Seoul on Nov. 12, 2024. (Yonhap) |
(LEAD) Korean won-volatility
(LEAD) Korean won dips to 2-yr low on Trump effect
(ATTN: RECASTS headline, lead with latest info; UPDATES with details throughout)
SEOUL, Nov. 12 (Yonhap) -- The South Korean currency fell to the lowest in over two years against the U.S. dollar on Tuesday, moving in tandem with other currencies due to broader implications of Donald Trump's presidential victory on the financial and industrial sectors.
The Korean won opened at 1,399.1 won at 9 a.m., down 4.4 won from the previous session, and slid further to be quoted at 1,403.5 won to the dollar at 3:30 p.m.
It marked the first time since Nov. 7, 2022, that the local currency breached the psychologically important 1,400 won level.
From July, South Korea extended the onshore foreign exchange trading hours to 9 a.m.-2 a.m. the following day, versus the current 3:30 p.m. close.
The stronger dollar around the globe came as Trump has vowed to impose high tariffs on imported goods, and implement protectionist measures and tax cuts, which would lead to an increase in budget deficit, higher inflationary pressure and a slowdown in the Federal Reserve's rate-cutting moves, according to experts.
Amid the post-election volatility, the won would possibly slide to the 1,450 level this year, they added.
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