The South Korean currency has declined 6% against the dollar since the beginning of the year economy

The South Korean local currency fell by about 6% against the US dollar this year, central bank data showed on Sunday, at a time when foreign investors sold local stocks for more than 156 trillion won (about 102.3 billion dollars).

The South Korean Yonhap Agency reported that the average price of the Korean won reached 1,484.56 against the dollar during the first half of the year, according to the economic statistics system of the Bank of Korea.

This is the second highest average price of the won against the dollar during the first half of the year, after recording 1,493.08 won during the first half of 1998 during the Asian financial crisis.

The dollar exchange rate exceeded the level of 1,500 won last March for the first time since the global financial crisis, following the outbreak of conflict in the Middle East.

Although the dollar briefly fell to the 1,400 won range, it returned above 1,500 won in mid-May and has remained above that level since then.

Widespread weakness

The Korean won was trading throughout last June at levels much worse than the important psychological level of 1,500 won against the dollar.

The local currency fell to 1,549.4 won per dollar on the last day of June, recording its weakest level since March 6, 2009.

The won’s widespread weakness this year has led to it being ranked as one of the worst-performing major currencies.

Last Friday, the Central Bank of Korea announced that the country’s foreign exchange reserves rose last June, despite the efforts made by the authorities to control exchange rate fluctuations.

South Korea’s foreign currency reserves reached 427.36 billion US dollars at the end of June, an increase of 370 million dollars from the previous month, according to data issued by the Bank of Korea.

South Korea was ranked 13th in the world in terms of the size of foreign reserves at the end of May, down from the 12th place it had occupied the previous month.

China topped the list, followed by Japan, Switzerland, Russia and India, according to the Bank of Korea.