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SEOUL - THE South Korean won slumped for a third straight day on Thursday to end at a 10-year low because of mounting concerns over a global financial crisis and plummeting stock prices here and abroad, dealers said.
The won slid 45.8 won to close at 1,408.8 to the dollar, its lowest level since June 17, 1998 when South Korea was still suffering from the Asian financial crisis.
It tumbled to as low as 1,436 at one point.
'The won's sharp fall came as local stock prices continued plummeting because of concerns that the real economy will fall prey to the financial turmoil,' said Mr Shin Jin Ho, a currency analyst at Woori Futures.
'The dollar is also strengthening against other currencies as investors are fleeing from emerging markets', Mr Shin told Yonhap news agency.
The stock market plunged 7.48 per cent to 1,049.71, slumping along with other regional markets on growing fears about the global economy.
The won has been Asia's worst performing major currency this year, falling from 937 to the US unit on January 2.
Thursday's fall came despite the government's announcement last weekend of a US$130 billion (S$195 billion) package to calm financial markets.
It announced state guarantees worth up to US$100 billion for local banks' foreign debts and injected US$30 billion into bank which are short of the US unit. -- AFP
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