QUOTE AND NEWS
The Economic Times  Aug 18  Comment 
The won was quoted at 1,017.7 per dollar at 0248 GMT after rising as high as 1,016.9 per dollar, its strongest since touching 1,015.1 on July 11.
Financial Times  Aug 14  Comment 
The South Korean won strengthens against the dollar, despite the country’s central bank cutting interest rates in an attempt to boost growth
Bloomberg  Aug 13  Comment 
Asian Stocks Rise With Won on Stimulus Bets; Oil Retreats Asian stocks rose, with the regional index gaining a fourth day, amid speculation that policy makers globally won’t...
The Economic Times  Aug 13  Comment 
The South Korean won edged down 0.14 per cent to 1,027.8 against the dollar in midday trade, compared with Tuesday's closing level at 1,026.4.
The Economic Times  Aug 6  Comment 
The won was quoted at 1,033.7 against the dollar at the end of onshore trade, down 0.5 percent from Tuesday's local close at 1,028.2.
The Economic Times  Aug 4  Comment 
The Korea Composite Stock Price Index (KOSPI) closed up 0.35 per cent at 2,080.42 points against Friday's onshore close at 2,073.10.
The Straits Times  Aug 2  Comment 
August 02, 2014 12:56 AM THE South Korean won may come under pressure in the near term on expectations that the country's central bank may cut rates.




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A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates.

The won has been in use for thousands of years. During the Colonial era , the won was replaced at par by the yen, made up of the Korean yen. In 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean War

The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new crisp banknotes and coins are printed/minted, they are bundled up in bundles/rolls and shipped to the Headquarters of the Bank of Korea. When delivered, the banknotes and coins are deposited inside the Bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amount of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

The chart at left shows the USD/KRW currency pair; the number of Korean Won equivalent to 1 U.S. Dollar (USD).

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