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South Korea's won surges to pre-crisis level, may hurt exports

Published on Apr 9, 2014 7:43 PM
 

SEOUL (AFP) - South Korea's won surged on Wednesday to its highest level since before the global financial crisis, sparking concern the stronger currency might undermine the export-reliant economy.

The won ended at 1,041.40 to the dollar, up 10.80 won from the previous session and close to the 1,039.80 per dollar reached on August 14, 2008.

The country's continuously strong trade surplus and a recent global weakening of the greenback combined to bolster the won, analysts said.

"Many people believed the won would not strengthen beyond the 1,050 won per dollar in the forseeable future", economist Park Sungwook of the Korea Institute of Finance told AFP.

 
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