The South Korean won marked its biggest gains in roughly two weeks on Monday against the world's reserve currency as the trade week began as confidence spread about the preparation for month's end amongst traders, according to Bloomberg.
The nation's leader resigned on Sunday in the aftermath of the fatal maritime accident for which the government has endured harsh criticism. Lee Ju Yeol, governor of the Bank of Korea, is scheduled to deliver a speaking engagement on Monday and national markets are scheduled to be closed this Thursday and for two days early next week in observation of holidays.
The ferry accident was the nation's worst in about 40 years. Thus far, the confirmed number of deaths totals 188 and is likely to climb higher than 300. On the day of the accident, 174 of 476 passengers were rescued.
The won climbed roughly 0.3 percent against the greenback on, notating its biggest advance since April 11. The won's rise thus far this month is about 2.6 percent against the dollar.
The Bank of Korea said inflation will climb as high as 3.5 percent this year, Reuters reports.
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