Won Hits 1,349.9 Against Dollar Amid US Inflation Concerns

The South Korean won has reached nearly 1,350 per US dollar as concerns over US inflation heighten the possibility of a rate hike by the Federal Reserve.

In the Seoul foreign exchange market, the won-to-US dollar exchange rate was tallied at 1,349.9 won around 8:53 a.m., marking an increase of 10.7 won from the closing reference rate of 1,339.2 won at 3:30 p.m. the previous trading day.

The rising inflation concerns in the US were fueled by the high growth rate shown by the US Producer Price Index (PPI) for August, which rose 0.4% from the previous month and 5.4% from a year earlier.