Won drops to six-year low

[unhappycamper]

Won drops to six-year low
Stars and Stripes
Pacific edition, Wednesday, October 8, 2008

SEOUL — The South Korean won dropped 45.50 on Monday, closing the day at 1,269 against the dollar. It is the embattled currency’s lowest point in more than six years.

The won’s plunge reflects ongoing concerns about the global economy and South Korea’s growing foreign trade deficit, according to financial experts.

The won has lost 29 percent of its value against the dollar since November 2007.

Although the won’s drop makes goods cheap for U.S. servicemembers living in South Korea, it has also caused steady drops in their cost-of-living-allowance, U.S. Forces Korea officials said last week.


Article at: http://www.stripes.com/article.asp?section=104&article=57943