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S. Korean won crosses USD/KRW 1,400 on Thursday, following Fed's rate hike Updated: 2022-09-22 17:16:40 KST

Following the Federal Reserve's rate hike, the South Korean currency has plunged to its lowest level against the greenback in almost 13-and-a-half years.
Stocks also slid amid expectations of more sizable rate increases to tame inflation.
Eum Ji-young has more.

The South Korean won has tumbled to yet another more than a decade-low against the U.S. dollar, following the Federal Reserve's third consecutive 75 basis point rate hike.
During Thursday's session, the exchange rate crossed the 1,4-hundred-00 won mark for the first time in more than 13 years, hitting above one,four-hundred-ten at one point.
This marks the weakest figure for South Korea's currency since March 2009 when it topped one,four-hundred-22 won during intra-day trading in the aftermath of the global financial crisis.
The won closed trading on Thursday at one,four-hundred-nine.seven, up 15.5 from the previous session.
Finance Minister Choo Kyung-ho says the government will keep a close eye on the exchange and financial markets and use preemptive measures to manage risk factors.

"We will actively manage volatility in the short term and at the same time will search for the best policy mix considering the market trends in the long term after next year."

Worries about bigger interest rate hikes by the Fed in the coming months have also sent stocks plunging.
During Thursday's session, the benchmark KOSPI fell below the two,three-hundred-20 mark.
The tech-heavy KOSDAQ dropped, falling point-four-six percent, to close at 751.41.
The U.S. stocks also fell in volatile trading Wednesday local time with the Dow Jones Industrial Average and The S&P both dipping about one.seven percent.
Eum Ji-young, Arirang News.
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