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Won Falls Even as Officials Deny Rumor of Kim Jong Un’s Demise

  • Trading losses erratic as currency swings from gains
  • Volatility surges as funds flow out of South Korean stocks
Updated on

The won fell against the dollar in an erratic session, even after South Korean officials said speculation that North Korean leader Kim Jong Un had died was unfounded.

Market participants shouldn’t overreact to rumors, a Bank of Korea official said on Friday, declining to be identified because of central bank policy. A South Korean Defense Ministry official also said the speculation doesn’t appear to be true. The won posted a weekly loss and the currency’s volatility gauge surged, as the risk the U.K. will leave the European Union spooked investors and spurred outflows from the stock market.