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South Korean Won Drops on Concern for Lower Export Demand

August 31, 2010 at 10:43 by Vladimir Vyun

South Korean wonThe South Korean won dropped today on the concern that the slower economic growth in the US would diminish the demand for the Asian exports. The US is the third biggest foreign market for South Korea.

The personal income in the US rose 0.2 percent, less than predicted value of 0.3 percent. The nation’s industrial production expanded 15.5 percent in July, slower than in June (17.7 percent). The won remains the worst performing currency among the Asian majors.

USD/KRW rose from 1,191.30 to 1,197.70 today as of 8:40 GMT, following the jump to 1,200.15.

If you have any questions, comments, or opinions regarding the South Korean Won, feel free to post them using the commentary form below.

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