Foreigners exchange money at a currency exchange booth in the Myeongdong area of central Seoul on June 7. The dollar-won rate's second-quarter average has surged to its highest level since the Asian financial crisis. [YONHAP]
The won weakened to its lowest level against the dollar in 28 years on a quarterly-average basis in the second quarter, pushed down by a prolonged war between the United States and Iran and a relentless exodus of foreign investors from Korean stocks.
The climb threatens to deepen the strain on Korea's most vulnerable households, as the elevated exchange rate raises the cost of imports and adds to the risk of higher interest rates on top of already rising prices.
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The won weakened 19.9 won from Friday's onshore close to be quoted at 1,559.0 against the dollar at the end of overnight trading at 2 a.m. Saturday, data from Seoul Money Brokerage Services showed.
