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Korean won to reach 1,054 against dollar next year: think tank

All Headlines 12:06 December 20, 2009

SEOUL, Dec. 20 (Yonhap) -- The annual value of South Korea's currency is expected to rise to an average of 1,054 won to the U.S. dollar next year before marking a further ascent to the 900 won level in 2011, a local think tank said Sunday.

The state-run Korea Development Institute (KDI), citing a report by leading economic forecaster Global Insight, said the steady strengthening of the won is expected to have an impact on South Korea's exporters.

The won closed at 1,177 to the dollar in Friday's trading, with this year's annual average estimated to reach 1,273.

South Korean firms generally see a won-dollar rate in the mid-1,100 level as ideal for securing the competitiveness of their exports.

Global Insight also predicted that the won will rise to 980 to the dollar in 2011, the first time the won will reach the 900 mark since 2007. It went on to forecast a won-dollar rate of 977 in 2012, according to KDI officials.

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