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sadguy
Joined: 13 Feb 2011
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 Posted: Mon Sep 19, 2011 2:46 pm Post subject: exchange rates are sucking again |
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| what's up? |
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World Traveler
Joined: 29 May 2009
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| Posted: Mon Sep 19, 2011 2:51 pm Post subject: |
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Dear God!
The won lost value fast!
I wonder if this will slow the flooding of the market? (Probably not)  |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Sep 19, 2011 3:13 pm Post subject: |
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| Bank failures are a bitch. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Sep 19, 2011 4:02 pm Post subject: |
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| Just when I was beginning to get my hopes up. This stupid F'n place!!!! |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Mon Sep 19, 2011 4:05 pm Post subject: |
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| yeah yesterday the exchange rate was 1 USD - 1130.74 won and i had to send money home because i pay for a new car. damn rates! |
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sadguy
Joined: 13 Feb 2011
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| Posted: Mon Sep 19, 2011 4:39 pm Post subject: |
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| well, at least we had a good run for a few months. |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Mon Sep 19, 2011 4:44 pm Post subject: |
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| sadguy wrote: |
| well, at least we had a good run for a few months. |
yeah, here's hoping that it gets better again, which im sure it will! lol |
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sadguy
Joined: 13 Feb 2011
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| Posted: Mon Sep 19, 2011 5:32 pm Post subject: |
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| it went down because of the japanese tsunami right? |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Sep 19, 2011 5:44 pm Post subject: |
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| I have a feeling it will be back around 1000 won to $.91 or so within about a month, assuming there aren't any other banks with major issues. |
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Clockout
Joined: 23 Feb 2009
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| Posted: Mon Sep 19, 2011 5:53 pm Post subject: |
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| sadguy wrote: |
| it went down because of the japanese tsunami right? |
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World Traveler
Joined: 29 May 2009
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| Posted: Mon Sep 19, 2011 7:16 pm Post subject: |
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| chrisinkorea2011 wrote: |
| yesterday the exchange rate was 1 USD - 1130.74 won and i had to send money home because i pay for a new car. damn rates! |
Heck, be thankful you sent money home when you did!
The won is falling fast despite South Korea's intervention in derivatives trading.
Two weeks ago, 1,000 won was $.94.
Now, 1,000 won is $.86 (and dropping).
If there is more North Korea posturing...God help us all! |
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Swampfox10mm
Joined: 24 Mar 2011
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| Posted: Mon Sep 19, 2011 7:18 pm Post subject: |
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| Seems like the government has found a new (and stupid) way to screw with rates. They love a weak won. |
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World Traveler
Joined: 29 May 2009
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| Posted: Mon Sep 19, 2011 7:28 pm Post subject: |
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Actually, the opposite is true now, and they are in full PR mode.
S.Korea struggles to avert 2008-style capital flight
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(Reuters) - South Korea was spotted intervening in derivatives trading and its top foreign exchange official issued a warning on Tuesday that those betting the won currency was in for a sustained fall could lose money as the Asian country sought to avert any repeat of the capital flight of 2008.
The won fell 1 percent on Tuesday to its weakest level in almost nine months against the dollar, Seoul stocks tumbled 1.5 percent and government bond futures fell modestly as foreign investors kept on offloading their holdings.
The latest selloff was sparked by global markets jitters over the U.S. and euro zone economies, but South Korea's heavy overseas borrowings and high household debt have made it among the biggest potential victims of the global financial turmoil.
"I think the won has been reacting too excessively (to the global instability) and would eventually face a correction," Deputy Finance Minister Choi Jong-ku told reporters early on Tuesday as the won kept on falling.
Choi is the country's top foreign exchange official and his remark was apparently aimed at warning against betting on the won's decline. The comment also came soon after traders reported the country of intervening in derivatives market.
The won has fallen nearly 9 percent in less than two months since touching its 2011 intraday high on Aug. 1 and the Seoul stock market's benchmark KOSPI is now trading some 20 percent below its 2011 peak touched in late April. |
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Smudger
Joined: 26 Sep 2010
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| Posted: Mon Sep 19, 2011 7:50 pm Post subject: |
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| Perrrrfect. 2 weeks before I'm about to cash out and jet off. Thanks Greece. |
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DaHu
Joined: 09 Feb 2011
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| Posted: Mon Sep 19, 2011 11:00 pm Post subject: |
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| Awesome. As someone with USD needing changing into KRW, I'm happy with this news. |
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