Seoul: Won, stocks fall on growing chance of Fed rate hike soon

The South Korean won plunged more than 1 per cent against the dollar early on Monday after Janet Yellen's comments on Friday raised the chance the Federal Reserve may raise US interest rates soon, and even twice, by year-end.

The won was quoted at 1,124.1 as of 0214 GMT, down 0.9 per cent from the previous close of 1,113.7. It reached as low as 1,128.5, a one-week intraday low.

Ms Yellen suggested that the US economy has strengthened enough for a rate hike while Fed's No 2 policymaker Stanley Fischer hinted on more than one policy tightening before year end.

"The US August job report due this coming Friday will be closely watched by investors for whether a rate hike as early as next month will actually be possible," said Park Sung-woo, a foreign exchange analyst at NH Futures.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg