The Korean won s exchange rate against the U.S. dollar is persistently exceeding its annual peak, propelled by the resilience of the American economy, which has buoyed the dollar against global currencies.
The Korean won made the fastest gains against the U.S. dollar among major Asian currencies over the past month, on the back of foreign investors buying spree in the Korean financial market, data showed on Monday.
Korea s current account balance is likely to shift to a deficit in August amid falling exports to China and soaring import costs for raw materials, the Bank of Korea said Wednesday. According to data from the central bank, Korea s current account posted a surplus of $1.09 billion (1.5 trillion won) in July, down $6.62 billion from the year before. This is the largest decline in more than a decade since May 2011.
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