The Bank of Korea has denied that it will announce a currency swap arrangement with the US Federal Reserve this week, as the Korean won continues its slide against the dollar to the lowest levels since March 2009.
The won has fallen 15 per cent against the dollar since the beginning of the year, more than any other major currency in Asia apart from the yen. On Wednesday, the Korean currency was at Won1,394.9 to the dollar.
The east Asian country is struggling to defend its currency as the Fed sharply raises interest rates to curb inflation.
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