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Won's Sharp Appreciation Likely to Burden Exporters

Written: 2017-02-05 13:15:23Updated: 2017-02-06 08:09:42

The South Korean currency posted the second largest appreciation against the United States dollar this year among major currencies.

According to the Bank of Korea’s economic data system on Sunday, the won strengthened five-point-two percent against the U.S. dollar this year, the second largest gain among major countries after the Australian dollar, which gained six-point-two percent against the greenback.

The won-dollar rate, which ended last year at one-thousand-207-point-seven won, sharply dropped to one-thousand-147-point-six won on Friday over the period of a month.

The won’s sharp appreciation, apparently affected by U.S. President Donald Trump’s remarks against a strong dollar policy, is likely to deal a blow to local exporters.

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