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Forexikon

Korean Won Declined Sharply As Its Interest Rate Was Kept Unchanged

By Forexikon, in General Trading

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Forexikon    10

Forexikon
Posted

Korean won went down sharply in the Asian forex market today as Bank of Korea made a determination that it would keep interest rate unchanged. Meanwhile, Korean won weakened as foreign investors sold a lot of Korean bonds.

 

The forex rate of US dollar against Korean won traded at 1,128.60 won today, which increased 11.60 won. Japanese yen versus Korean won was 13.5178 won, which declined 0.0101 won.

 

Bank of Korea kept interest rate unchanged at 2.75%, though Korean government required to reduce the inflationary pressure.

 

Bank of Korea predicted that GDP in Korea would increase by 4.5% in 2011. Moreover, Kim Choong-soo, president from Bank of Korea, said that its economic growth might much more than expectation.

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