Sarah Chang poses at the Verbier Festival & Academy in this July 21, 2004, file photo in the Alpine village of Verbier, Switzerland. Chang will perform a new composition next year in memory of her friend, violin legend Isaac Stern, it was announced Monday, May 8, 2006. The young violinist, who has appeared with major American and European orchestras, will perform the work on a nationwide tour _ tentatively planned for March 18 through April 10. (AP Photo/Keystone, Olivier Maire, file)



Korean Exchange Rate Plummets to 950 won

Financial experts forecast that the recently plummeting Korean won will recover to 950 won to the dollar by the end of this year. According to a source, JP Morgan recently forecast that the Korean won will be down from 960 won to 935 in June of this year, and from 950 won to 920 won in September, but it says that the Korean currency will rise to 960 won in December.

As the Korean exchange rate is falling radically this month, it predicted the won would reach 920 won in late September, but recover at the end of this year. Another financial company, Citi Group, recently forecast that recovery of the Korean won would occur sooner than expected by financial sectors, including JP Morgan. It also foresees that the won will fall to 920 in late July, but bounce up to 950 won by late October.

An expert says that the Korean currency’s strong rally against the dollar reflects its economic structure and the global trend of a weak dollar. Most industrialized nations have requested the Asian economies to tolerate further the weakening dollar to resume the worsening global imbalance problems.

Other financial institutes, Morgan Stanley and Lehman Brothers, also forecast that the Korean currency will recover to 950 in late June, similar to prospects done by JP Morgan and three domestic financial institutions. The Seoul Foreign Exchange Market yesterday opened at 931.00 won to the US dollar, up 3.10 won compared to yesterday. The won yesterday rose to the highest level since October 1997.
/ 입력시간: 2006. 05.10. 10:02