S Korea won falls after BOK's biggest rate cut
The South Korean won erased earlier gains and turned lower early on Monday, despite the Bank of Korea's biggest-ever rate cut to stabilise crashing financial markets and a weakening economy.
By Agencies |
SEOUL: The South Korean won erased earlier gains and turned lower early on Monday, despite the Bank of Korea's biggest-ever rate cut to stabilise crashing financial markets and a weakening economy.
By 0115 GMT, the won was quoted at 1,430.90 per dollar, erasing earlier gains to as high as 1,379.90 and falling from Friday's domestic close of 1,424.0.
The central bank lowered its base rate to 4.25 percent from 5.00 percent set earlier this month, when it joined in a round of worldwide rate cuts aimed at halting turmoil in global markets. Monday's cut was the biggest by the Bank of Korea since it started adopting a benchmark interest rate in 1999 and outdid market expectations for a rate cut of between 25 and 50 basis points.
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