Korean Won Price Soars to Post 916.4 won/dollar
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The won price against the dollar, which had been on the upswing for six consecutive days, soared to the 910 won/dollar level on Wednesday.

The soaring won/dollar price was attributed to a weak dollar currency and a selling spree among exporters.

With that, the Korean government disclosed its strong intention that it would intervene in the foreign exchange market, under its decision that the recent sudden rise in the won price was an "abnormal movement."

On the Seoul Foreign Exchange Market on Wednesday, the won price to the dollar rose 7.9 won from the previous day to post 916.4 won/dollar, which broke the nine-year record for three successive days.

The won, which showed a bullish trend since the opening the market, soared to the 910 won/dollar level in the morning, while it hovered at the 922 won/dollar level later, with an inflow of "warning" buying force in the market.

However, during a dollar-selling spree throughout the afternoon, the won closed at 916.4 won/dollar in the end.

Owing to such a sharp rise in the won price to the dollar during the day, the won/yen price has shot up as well, to post 799.83 won/100 yen, a 1.05 won jump from the previous day.

Meanwhile, with the shock of a soaring won price, followed by a bearish trend in the major export stocks, including the IT, automobile and shipbuilding sectors, the KOSPI once sharply dropped by over 20 points and plunged down to the 1400 mark, while it slowed its falling toward the closing of the market and finished at 1413.73 points, a 6.86 point drop from the previous day.

[Sun-young Park / CJB]

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