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Asian currencies retreat after hot US inflation, South Korean stocks slip 8%
Most emerging Asian currencies weakened on Thursday after hotter-than-expected US inflation fanned expectations of a Federal Reserve rate hike, spooking AI-linked stocks worldwide over higher borrowing costs. The South Korean won fell over 1% to a two-week low of 1,352.84 per dollar, while the Taiwan dollar fell sharply to 32.325, its weakest since early August. A steep selloff in chip stocks in the two countries pressured their currencies. South Korea’s KOSPI tumbled over 8%, triggering a circuit breaker for the first time in 2-1/2 months. Samsung Electronics and SK Hynix, the world’s leadin...
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