Korean Won REER Falls To 17-Year Low In June

According to Yonhap, the Korean won's real effective exchange rate fell to 82.99 in June, the weakest level in more than 17 years, as the U.S. dollar stayed broadly firm. The Bank for International Settlements said the figure was down 1.75 points from May and was the lowest since March 2009, when the REER stood at 79.31 after the global financial crisis. The won also dropped sharply against the dollar, touching 1,555 won per dollar in intraday trading on June 30, its weakest level in more than 17 years, amid heavy foreign selling of South Korean stocks and strong dollar demand from domestic investors. The currency averaged 1,527.95 per dollar in June, its weakest monthly average since February 1998 during the Asian financial crisis.