The South Korean won fell nearly half a percent to a three-week low against the dollar on Monday, weighed down by sharp drops in local stocks led by foreign investor sales. The won ended the local session at 933.5/3.7 per dollar after hitting a low of 933.9, its weakest since November 27, compared with Friday's closing bid of 929.7.
"Dollar selling by exporters limited the won's sharper drop, but traders kept building up dollar holdings in anticipation of the dollar's further strength," said a domestic bank dealer. Foreign investors sold a net 276.1 billion won worth of shares on the main board, leading the benchmark KOSPI's 2.9 percent drop for the day.
The won was also weighed down after US government data showed on Friday consumer prices rose the most in more than two years in November, dampening prospects for further interest-rate cuts.
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