South Korea's Won Slumps to New Low Against Dollar

The South Korean currency's real effective exchange rate (REER) has dropped to its lowest level since March 2009, according to data from the Bank for International Settlements.

In June, the won's REER stood at 82.99, down 1.75 points from the previous month, and marks a significant decline in the currency's value against major trading partners after adjusting for inflation.

The drop was largely due to the won's sharp weakening against the US dollar, which hit an intraday high of 1,555 won per dollar on June 30, its weakest level in over 17 years.