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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World South Korea won down on yuan, regulation worries Reuters - Wednesday, June 23 Send IM Story Print * Won ends down 0.82 percent after fluctuating on yuan * Investors remain wary of intervention By Cheon Jong-woo SEOUL, June 22 - The South Korean won fell against the dollar on Tuesday as the yuan slid amid expectations that China will not allow its currency to strengthen quickly and on worries about tougher currency regulations. The won <KRW=> also came under pressure from caution over possible dollar-buying intervention by the foreign exchange authorities and on a weaker domestic stock merket. The local currency was expected to track the yuan for the time being, but was unlikely to fall more, given the bright outlook for Asia's fourth-largest economy, analysts said. "We remain bullish on the won. The currency seems undervalued relative to fundamentals and regional peers. Korea's stock market looks cheap and interest rises are likely to precede those of major central banks," said Erik Lueth, an economist at the Royal Bank of Scotland, in a research note. The South Korean unit ended local trade down 0.82 percent at 1,181.7 per dollar from Monday's domestic close <KRW=KFTC> of 1,172.0. Earlier, the won fell as low as 1,189.0 before recovering to 1,174.0 after Beijing set the mid-point for the yuan's daily trading range at a five-year high. But weakness set in after the spot yuan rate retreated. A senior Finance Ministry official said the government planned to eventually bring the limit for the currency derivatives positions of foreign bank branches in line with the lower ceilings set for domestic banks, although a time frame had not been decided. [ID:nTOE65L00X] But another official told Reuters later that identical limits for local and foreign banks might still be years away. On June 13, the country announced regulations to curb rapid shift in capital flows, including a rule to cap foreign bank branches' currency forwards and derivatives at 250 of their equity capital. The cap for local banks was set at 50 percent. The KOSPI stock index <.KS11> closed down 0.47 percent, with foreign investors sellers of a net 31.5 billion won worth of stocks on the main exchange. Close 0045 GMT Prev close Won 1,181.7 1,183.6/4.5 1,172.0 Yen/won *13.0065/181 13.0185/360 12.9209/296 KOSPI 1,731.48 1,728.71 1,739.68 * As of 0600 GMT Recommend Send IM Story Print Related Articles Regulators update estimated cost of bank busts Reuters - 24 minutes ago FOREX-Dollar up vs euro on concerns over European banks Reuters - 29 minutes ago US-BUSINESS Summary Reuters - 30 minutes ago EU diplomats deadlocked on bank watchdogs: sources Reuters - 30 minutes ago Europeans act alone on bank tax before G20 Reuters - 31 minutes ago News Search Top Stories Belarus orders shutdown of Europe-bound Russian gas Mexicans hint that draw will do against Uruguay Belarus leader orders shutdown of Europe gas transit US Afghanistan commander ordered to White House S.African, French football hopes hang by a thread More Top Stories » ADVERTISEMENT Most Popular Most Viewed France's richest woman moves to defuse scandal Volvo recalls nearly 30,000 cars Early menopause doubles risk of heart problems: study N.Korea picks the wrong game to start live broadcasts Oil firms challenge US drilling freeze More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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