Won dips below 1,380 level per dollar for 1st time in more than 13 years

All News 09:34 September 07, 2022

SEOUL, Sept. 7 (Yonhap) -- The South Korean currency on Wednesday declined below the 1,380-won level against the U.S. dollar for the first time in more than 13 years during intraday trading amid a sharp decline in the country's current account surplus.

The local currency was trading at 1,383 per dollar as of 9:20 a.m., down 11.30 won from the previous session's close.

After the market opened, the won slid to as low as 1,383.60 against the greenback at one point.

It marked the first time that the Korean currency plunged below 1,380 against the dollar since April 1, 2009.

South Korea posted a current account surplus for the third straight month in July, but the surplus sharply fell as the goods balance logged a deficit for the first time in about 10 years, central bank data showed.

The current account surplus came to US$1.09 billion in July, compared with a surplus of $5.61 billion posted in June.

South Korea's widening trade deficit has exerted downward pressure on the local currency. The won has slid more than 13 percent against the greenback so far this year.

South Korea logged a record trade deficit of $9.47 billion in August, extending the shortfall for the fifth straight month amid high energy costs.