Seoul, March 8 (IANS) The daily volatility of the Korean won against the US dollar has risen to its highest level since the Covid-19 pandemic amid heightened tensions in the Middle East, data showed on Sunday.The won has fluctuated sharply following the US-Israeli joint attacks on Iran on February 28, with the average daily fluctuation of the won against the greenback reaching 13.2 won as of Friday, according to the economic statistics system of the Bank of Korea, reports Yonhap news agency.The …
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Seoul, Jan 21 (IANS) The antitrust regulator here said on Wednesday that it has imposed a combined fine of 272 billion won ($183.7 million) on the country’s four major commercial banks for allegedly colluding on real estate lending limits tied to loan-to-value (LTV) ratios.The banks — Shinhan Bank, Woori Bank, Hana Bank and KB Kookmin Bank — are accused of exchanging internal documents related to LTV ratios and coordinating their lending limits, a practice that restricted competition in the mo…
Seoul, Jan 18 (IANS) South Korea’s major commercial banks are stepping up efforts, alongside government foreign exchange authorities, to curb the local currency’s recent weakness, offering incentives for customers to sell U.S. dollars and lowering interest rates on foreign-currency deposits, officials said on Sunday.The won has hovered near the closely watched 1,450 won level against the U.S. dollar recently despite authorities’ verbal intervention and policy measures, pressured by broad dollar …
Seoul, Jan 13 (IANS) The South Korean currency fell further on Tuesday, hovering below the level of 1,470 won per US dollar shortly after recovering from a near 16-year low.The won opened at 1,468.5 per dollar, down 0.1 won from the previous session, and dipped further to 1,472.45 won as of 9:30 am, reports Yonhap news agency.The local currency had slid to a 16-year low of around 1,480 won in mid-December and rebounded above the 1,450 won mark on Dec. 24 for the first time in about two months fo…
Seoul, Dec 28 (IANS) Experts on Sunday viewed the 1,420 level as an annual average for the won against the U.S. dollar, as financial authorities stepped up verbal intervention to arrest the won’s slide.The Korean won closed at 1,440.3 won against the US dollar on Friday, marking the lowest level since Nov. 4, according to data from Seoul Money Brokerage Services, reports Yonhap news agency.With financial authorities stepping up verbal intervention to curb the won’s weakness, the won rose sharply…