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Falling Korean Currency Impacts U.S. Koreans

Korea Daily, Posted: Oct 16, 2008

LOS ANGELES -- The plunging value of the Korean won against the U.S. dollar is having mixed effects in the U.S. Korean community, reports the Korea Daily. Korean students studying in U.S. universities who rely on financial support from their families back home have found their living expenses soaring. Many students have taken drastic measures to subsidize their income, including selling off their cars. Meanwhile, Korean American investors are hoping to make a quick profit by exchanging their U.S. dollars for Korean wons. They plan to exchange them back into U.S. dollars when the won gains back its strength. The value of the Korean currency has dropped almost 33 percent against the dollar since August.

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