Posted On: September 20, 2012
The monetary unit of South Korea lost value Thursday as economic data released by Japan and China prompted worries about the status of the global economy, according to
Early returns about Chinese manufacturing indicated an 11th consecutive month of shrinking while exports from Japan dropped last month, marking the third consecutive month of losses. China hosts the globe's second-largest economy and Japan hosts the globe's third largest economy, both of which trail that of the U.S.
"With shares and other currencies falling on economic concerns, we saw a lot of overseas investors covering their short positions on the dollar," currency trader Lee Jin Ill with Hana Bank in Seoul told Bloomberg.
The won lost 0.8 percent of its value against the world's reserve currency, enduring its sharpest losses since July 12. Additional Asian monetary units - including the rupee of India, the dollar of Taiwan and the peso of the Philippines – also dropped.
the momentum from Japan announcing a sizable stimulus plan has waned, which is partially attributable to the losses endured by the won and other emerging market currencies.
Category: Industry News
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