Won Crosses 1,500 Intraday as Kospi Plunges More Than 7%

On the afternoon of the 15th, the Korean won crossed the 1,500 level against the U.S. dollar intraday in Seoul’s foreign exchange market for the first time in over a month. At the same time, the Kospi was plunging by more than 7%, heightening volatility in domestic financial markets. As of 2:13 p.m., the won-dollar rate was above 1,500, moving sharply from the previous daytime trading close. The simultaneous jump in the exchange rate and steep decline in equities drew investor attention to both currency and stock market swings. The intraday move highlights a session marked by won weakness and a sharp Kospi selloff. Source: mk.co.kr.