Korea: Won weakens in November
December 15, 2011
By 30 November, the Korean won (KRW) had depreciated 2.9% in nominal terms over the previous month and was trading at 1,143 KRW per USD. The November drop contrasted the 6.1% appreciation observed in October, when the KRW traded at 1,110 KRW per USD. As a consequence of the November reading, the KRW has now depreciated an accumulated 0.7% versus the USD this year although, at the current level, it is still trading 1.5% above the same month last year. The Korean currency continues to weaken on the back of deteriorating prospects for the global economy. During the first half of December the won dropped further, falling to 1,163 KRW per USD by 15 December [NOTE FOR PROOFERS AND EDITORS: consider this as a ?working reference?, I'll update with FRIDAY 16 NOV numbers when available tomorrow] and thus marking a 1.7% depreciation compared to the end of November.
Author: Armando Ciccarelli, Head of Data Solutions