South Korea confirms 152 new coronavirus cases, USD/KRW hits highest since 2009

Dhwani Mehta FXStreet

The Korea Centers for Disease Control and Prevention said on Wednesday, South Korea confirmed 152 new coronavirus cases, with the total count now at 8,565.

The South reported 7 new deaths, bringing up the death toll to 91.

Further, the health institute showed that 407 more fully recovered coronavirus patients are released, with total cured people standing at 1,947.

Market reaction

Risk-aversion is sweeping the markets and the demand for the US dollar as well, as funding stress continues amid the coronavirus crisis.

USD/JPY rallies hard to renew three-week high at 109.48

S. Korea intervenes

Meanwhile, USD/KRW hit the highest since 2009 at 1,291.55, as the South Korean Finance Minister said the fall in the Korean won is excessive.

Citing some fx dealers, Reuters reports that S. Korea's fx authorities are seen selling dollars to curb won's fall after the official verbal intervention.

At the press time, the cross ticks down a few pips at 1,278, still up 1.90% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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