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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 Korea won cuts losses as intervention cited Reuters - 2 hours 1 minute ago SEOUL, Dec 2 - The South Korean won cut much of its early losses of up to 2.9 percent against the dollar on Tuesday as some traders saw dollar-selling intervention by the foreign exchange authorities and on exporter demand for settlements. The central bank also injected all of a planned $4 billion into local banks using its dollar credit line at the U.S. Federal Reserve for the first time, helping easing their dollar funding shortages. [ID:nSEL000381] Still, the won <KRW=> remained under pressure from fresh worries about a slowdown in Asia's fourth-largest economy amid a global recession. The local currency was quoted at 1,457.9/8.6 per dollar as of 0245 GMT, compared with Monday's domestic close <KRW=KFTC> of 1,440.0. It slid to as low as 1,482.9. "The authorities kept supporting the won on the quiet, but we cannot rule out the possibility of the won's further fall," said a dealer at a foreign bank. Earlier, a deputy finance minister said the country might need to cut its economic growth forecast for the next year, just after the central bank revised down its third quarter growth figures. Seoul shares <.KS11> fell 2.69 percent as foreign investors sold a net 4.9 billion won worth of stocks in the country's main exchange. Foreigners bought a combined net 622.7 billion won during the last four consecutive sessions, the longest net foreign buying streak since early June. So far this year foreign investors have sold a net 34.4 trillion won of South Korean shares. 0245 GMT 0020 GMT prev close Won <KRW=> 1,457.9/8.6 1,468.4/9.1 1,440.0 Yen/won <JPYKRW=R> 15.5663/20 15.6892/40 15.1155/28 KOSPI <.KS11> 1,030.18 1,015.44 1,058.62 (Reporting by Cheon Jong-woo and Lee Kyoung-ho; Editing by Jonathan Hopfner) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Australia slashes interest rate to avert recessionAP - 20 minutes ago India Hot Stocks: M&M, Tata Motors down on Nov sales dropReuters - 30 minutes ago India's Tata Motors to close Pune plant for 3 daysReuters - 32 minutes ago Indian shares open 3.44 pct down on global fallsReuters - 34 minutes ago NZ dollar lower on stocks plunge; bonds firmReuters - 37 minutes ago Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Saudi king says 75 dollar oil price 'fair' Love handles increase death risk: study World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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