The won (L) and U.S. dollar banknotes are pictured in Seoul, South Korea, Sept. 22, 2022. (Xinhua/Wang Yiliang)
SEOUL, Sept. 27 (Xinhua) -- South Korea's currency tumbled versus the U.S. dollar on Monday amid rising expectations for U.S. Federal Reserve's further rate hikes.
The won/dollar exchange rate finished at 1,431.3 won per dollar, up 22.0 won from the previous close.
It was the highest close in about 13 and a half years since March 2009 when the global financial crisis roiled financial markets across the world.
The Fed took a giant step again earlier this month, raising its benchmark interest rate by 0.75 percentage points to a range of 3.00-3.25 percent.
Expectations ran high for the Fed to lift the rate further by 1.25 percentage points during the upcoming rate-setting meetings by the end of this year.
Local stocks ended lower amid the domestic currency's rapid slide. The benchmark Kospi dropped 69.06 points, or 3.02 percent, to finish at 2,220.94, posting the lowest since July 2020.■