South Korean won down

The South Korean won extended its slide against the dollar into a third consecutive session due to the US unit's global strength and as foreign investors turned net sellers of local stocks. The won ended local trade at 1,261.7/2.1 per dollar, compared with Friday's domestic close of 1,253.9. It fell 1.2 percent over the three losing sessions.
Traders said the won's losses were limited as Korean exporters took the local currency's slide as an opportunity to unload their dollar holdings, expecting that the currency's bottom would be supported by the recovering economy. "The support level for the won has now retreated back to 1,260 won per dollar as the (South Korean) stocks keep falling and foreign investors are now selling shares," said a foreign bank dealer. The won was well supported above about 1,250 won against the dollar until last week.