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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: South Korean won drops to 11-year low By KELLY OLSEN,AP Business Writer AP - Tuesday, March 3 SEOUL, South Korea - South Korea's currency fell sharply Monday, hitting fresh 11-year lows as investors dumped stocks amid general pessimism about the world economy and nagging local fears of a dollar shortage. ADVERTISEMENT The won fell 2.3 percent to 1,570.30 against the U.S. dollar, its lowest close since March 11, 1998, when South Korea was in the throes of the Asian financial crisis. The benchmark Korean Stock Price Index tumbled 4.2 percent to a three-month low of 1,018.81 amid a broad decline in Asian regional markets. Investors were rattled by figures showing the U.S. economy shrank at its fastest pace in more than 25 years and signs banks in the U.S. and elsewhere may need more capital injections. The South Korean currency has now fallen about 20 percent so far this year against the dollar after a nearly 26 percent drop in 2008, making it one of the world's worst performers. The won has suffered as foreign investors have fled the stock market and South Korean financial institutions face difficulties amid the global credit crunch in obtaining dollars to pay off foreign loans. The currency's woes have led to media speculation that South Korea could be vulnerable to a foreign exchange crisis akin to the one it suffered in 1997-98 that forced it to seek an international bailout. Fears of a meltdown in Eastern Europe have also stoked concern that South Korea could find itself caught up in further investor wariness of emerging economies. The government and most economists, however, say that the chance of a balance of payments crisis is remote. They cite South Korea's trove of foreign exchange reserves, the world's sixth-largest at $201.74 billion, currency swap deals with the United States and others and an expected turnaround this year to a surplus in the current account _ its broadest measure of trade _ from a deficit in 2008. Sean Callow, senior currency strategist at Westpac Institutional bank in Sydney, Australia, said the won's decline comes amid recent overall weakness in regional currencies, including the Indian rupee, Philippine peso, Thai baht and Singapore dollar. "There is certainly broad-based Asian dollar demand," he said. "It's not just Korea." Despite its weakness, the won still has quite a distance to go before it plumbs the depths of the Asian crisis. The currency sank to 1,962 in December 1997, losing more than half its value in just two months. South Korea, an export powerhouse, has been hit hard by the global slowdown. Exports and production have wilted and the economy contracted 3.4 percent in the fourth quarter of last year. More evidence of weakness came Monday with official data showing that industrial output fell 25.6 percent in January from the same month last year. The export situation, while still bad, showed some improvement in February, the government said. Overseas shipments declined 17.1 percent, better than January's record 32.8 percent drop. Imports fell 30.9 percent, resulting in a trade surplus of $3.3 billion for the month. Daniel Melser, senior economist at Moody's Economy.com in Sydney, said South Korea will find itself in worse shape than a decade ago if the recession in the U.S. and Europe drags on until 2010. "Unlike in late-1998 ... the country cannot rely on robust global demand to support recovery," he wrote in a report Monday. 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