Won Rises as President Park Will Let Parliament Decide Her Term
South Korea's Park Offers Conditional Resignation
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The won rose after South Korea’s President Park Geun-hye said she’ll let the National Assembly decide how much longer her term in office will last, ceding power to parliament after an influence-peddling scandal that’s shaken Asia’s fourth-biggest economy.
The South Korean currency climbed 0.2 percent to 1,168.65 per dollar as of 3:33 p.m. in Seoul, according to prices from local banks compiled by Bloomberg. The currency has lost more than 3 percent since the scandal broke Oct. 24. The yield on 10-year sovereign debt fell one basis point to 2.15 percent, while the benchmark Kospi share index was little changed.