[Photo by Park Sae-jin = swatchsjp@ajunews.com]
The South Korean won weakened against the dollar Thursday, boosted by hawkish comments by U.S Federal Reserve officials on the possibility of more than one increase in U.S interest rates this year
The won closed Thursday’s onshore trading at 1,166.3 per dollar, down 0.4 percent compared to Wednesday's close at 1,161.2.
The South Korean currency was under pressure as the dollar strengthened globally after St. Louis Fed President James Bullard added his support to the possibility of more U.S. interest rate hikes this year.
Bullard said in an interview on Wednesday that policymakers should consider raising rates at their next meeting in April. Philadelphia Fed President Patrick Harker said earlier this week he would prefer at least three hikes before year-end.
Such comments have helped the dollar rebound from losses suffered last week when the Federal Reserve indicated caution towards the economy and reduced its rate hike projections for this year to two from four.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
