South Korean Won Hits Two-Week Low Amid Fed Rate Hike Expectations

The South Korean won hit its lowest point in two weeks against the U.S. dollar on Wednesday, as expectations rose for a rate hike by the Federal Reserve.

The won was quoted at 1,368.6 per dollar at 3:30 p.m., down 9.2 from the previous trading session's close.

This marked the lowest level since September 2, with traders increasingly betting on a Fed rate increase this week for the first time in three years.

The rising tension between the United States and Iran in the Middle East also contributed to the won's decline, as oil prices hovered above $100 per barrel.