S. Korean currency dips to U.S. dollar

SEOUL, Oct. 31 (Yonhap) -- South Korea's currency plunged against the dollar Friday for the first time in three days following the previous session's surge triggered by a currency swap deal with the U.S., dealers said.

The local currency was trading at 1,283.3 won as of 9:22 a.m., down 33.3 won from
the previous session's close, after dipping as low as 1,290 won at one point.
The Korean currency jumped 14.2 percent to the greenback on Thursday on a
currency swap deal with the U.S., a bullish stock market and Seoul's decreased
current account deficit.
The U.S. Federal Reserve announced Wednesday that it will sign a currency swap
arrangement of up to US$30 billion each with the central banks of South Korea,
Mexico, Brazil and Singapore, to help improve liquidity conditions in the global
financial markets.
U.S. stocks surged Thursday on a rate cut by the Fed and better-than-expected
economic growth data. The Dow Jones industrial average gained 2.11 percent, and
the tech-dominated Nasdaq composite index climbed 2.49 percent.
sooyeon@yna.co.kr
(END)