| South Korea's currency slipped in value after the country's central bank unexpectedly cut its benchmark interest rate to a new record low. The won fell 0.3% against the US dollar after the Bank of Korea cut the seven-day repurchase rate by 25 basis points to 1.25%.
The Kospi stock index fell 0.14% to close at 2,024.17 points. Analysts say that there could be further rate cuts in the coming months as the economy is in a weak state. "As things stand, the economy is already in a fragile state and could certainly use more support," said Krystal Tan from Capital Economics...............................................Full Article: Source
|