SEOUL, Dec. 19 (Xinhua) -- The South Korean currency hit the lowest in 15 years versus the U.S. dollar Thursday on expectations for slower rate cuts in the United States.
The won/dollar exchange rate soared 16.6 won to 1,452.1 won per dollar at 9:10 a.m. local time (0010 GMT), marking the first time since March 2009 that the intra-day high topped 1,450 won.
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Despite the 25-basis-point interest rate cut in the United States, expectations ran high for the U.S. Federal Reserve to delay further rate cuts.
The Fed lowered its target range for the federal funds rate by a quarter percentage point to 4.25-4.50 percent. It followed a 25-basis-point decrease in November and a 50-basis-point reduction in September.■