By For all you expats working in Korea this is not good news for you, but great news for US servicemembers being paid in US dollars:
Korean share prices plunged below eleven-hundred points Friday amid global financial jitters following a dip on the New York Stock Exchange.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 41 points, or three-point-seven percent, to close just under 1,066.
The tech-heavy KOSDAQ also fell 17-and-a-half points, or four-and-a-half percent, to 367.
Meanwhile, one U.S. dollar traded at 1506 won, 25 won higher than Thursday’s close. [KBS Global]
10:41 am on February 20th, 2009 1
This is not a flame or an attack; I honestly don't know.
Shouldn't you say Won falls to 1506 to the US dollar? The value of each individual won has fallen so more are needed to equal a dollar.
Or, has the won increased in value – that would be good news for me as I get paid in won. Perhaps the won was 1600 to the dollar.
Man, I need to learn more about economics.