Korea's currency drops to weakest level since 2009 on renewed Middle East tension, foreign stock selling
A clerk sorts $100 banknotes at the headquarters of Hana Bank in Seoul, Thursday. Yonhap
The Korean won dropped to the lowest level since 2009 against the U.S. dollar on Friday, amid renewed tensions in the Middle East and net selling of local stocks by foreign investors.
The won opened at 1,529 won per dollar, up 0.7 won from the previous session's close, but lost ground as foreign investors offloaded local shares.
The won was quoted at 1,547.1 won per dollar at 10:38 a.m., down 13.1 won from the previous session.
In terms of intraday trading, this was the weakest level since March 2009.
As of Friday morning, foreign investors sold a net 1.4 trillion won ($900 billion) worth of local stocks.
Foreign investors remained net sellers of local stocks for the 20th consecutive trading session.
Korean stocks, meanwhile, opened sharply lower as investors took a breather following a recent rally in tech shares amid uncertainty over the U.S.-Iran peace deal.
The benchmark Korea Composite Stock Price Index plunged 4.55 percent to 8,246.1 as of 10:44 a.m.