S. Korean Won Hits 17-Year Low

The South Korean won, the country's currency, has become much weaker compared to other currencies.

In June 2024, it reached its lowest value in over 17 years.

This happened because the U.S. dollar is very strong right now, and many foreign investors sold South Korean stocks, putting pressure on the won.

The won's value dropped to 1,555 won per U.S. dollar at one point, which is the weakest it has been since the Asian financial crisis in 1998.

At the same time, the South Korean stock market also fell sharply, with the main stock index, the KOSPI, dropping by nearly 6%.

This drop was so big that trading had to be paused for a few minutes.

Foreign investors sold a lot of stocks, while local investors bought more.

This shows that the market is going through a tough time, but it's also a chance for the currency to become more competitive.