The South Korean won slumped slightly against the U.S. dollar Thursday afternoon, ending its three-day winning streak as its recent rally was excessive and durable goods orders in the U.S. dropped unexpectedly last month, raising concerns over manufacturers amid a strong dollar, dealers said.
The local currency was quoted at 1,105.00 per dollar as of 1:30 p.m., down 4.2 won from the previous session’s close.
The won had rallied some 3 percent over the past few trading sessions on expectations that the U.S. Federal Reserve may delay its rate hike due to weaker-than-expected economic data.
“Dollar selling by local exporters, along with continued foreign stock buying, will keep pressure on the won,” said Sun Sung-in, an analyst at Shinhan Investment Corp.
South Korean shares remained in negative terrain Thursday afternoon, tracking overnight falls in Wall Street. (Yonhap)
