S Korea keeps close eye on won’s weakness against US dollar

26 December, 2016 12:00 AM printer

SEOUL: The South Korean government is keeping a close eye on the won's weakness against the US dollar amid fears of capital flight in the face of a gradual rise in US interest rates.

The won closed at 1,203 won against the US dollar Friday, down 3.9 won from a day earlier. It marked the Korean currency's weakest closing since March 10 this year, reports The Korea Herald.

The won's value against the US dollar declined by 3.1 percent since Dec. 14, a day before the US Federal Reserve raised interest rates and hinted at a faster pace of increases next year.