MOSCOW (UrduPoint News / Sputnik – 11th November, 2022) The South Korean national Currency won had the largest single-session growth on Friday since 2008 amid expectations that the US Federal Reserve could ease up on its fight against inflation, potentially lowering interest rates, South Korean media reported on Friday.
The Friday market session closed with 1,318.40 won against the US dollar, which is 59.1 won higher than after the previous session, according to the Yonhap news agency. It is the largest single-session increase of the South Korean currency since October 2008, when there was a growth of around 177 won.
The spike could reportedly be caused by a recent slowdown in inflation in the US, where annual price increase dropped to 7.
7% in November from 9.1% in June. Such a tendency may prompt the Federal Reserve to stop increasing key interest rate, which it has done in recent months to curb rampant inflation.
In late…
