USD/KRW Increases to 1,300 After South Korea Takes Additional Measures to Reduce Living Expenses.

In order to relieve pressure on people's living expenses, the South Korean Finance Ministry announced measures totaling around 810 billion won ($624.84 million), including the lifting of taxes on some food imports and greater welfare support for low-

July 08, 2022 - 12:53 PM 255 views

USD/KRW Increases to 1,300 After South Korea Takes Additional Measures to Reduce Living Expenses.

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© USD/KRW Increases to 1,300 After South Korea Takes Additional Measures to Reduce Living Expenses.

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In order to relieve pressure on people's living expenses, the South Korean Finance Ministry announced measures totaling around 810 billion won ($624.84 million), including the lifting of taxes on some food imports and greater welfare support for low-income earners, according to Reuters.

These actions have been taken as a result of the nation's inflation rate reaching its highest level since the Asian Financial Crisis more than 20 years ago last month.

The Market Reaction

The USD/KRW exchange rate has reclaimed the 1,300 level and is currently trading 0.24 percent higher than it was earlier in the day.

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