Won Passes 1,500 Intraday as KOSPI Tumbles More Than 7%

As of 2:13 p.m. on May 15, the won traded above the 1,500-per-dollar level during intraday trading in Seoul’s foreign exchange market for the first time in about a month, rising from the previous daytime trading close. At the same time, South Korea’s KOSPI was falling by more than 7%. The return of the exchange rate above 1,500 and the sharp decline in the benchmark stock index highlighted increased volatility across both the currency and equity markets. Investors are watching the intraday exchange-rate move and the size of the index drop. Source: mk.co.kr