Won breaks 1,420 to the dollar, hits 1,432 intraday

An employee at KB Kookmin Bank in western Seoul [YONHAP]

The won broke 1,420 to the dollar when the market opened in Seoul on Monday, renewing a 13-year-plus low.

It traded at 1,421 within minutes, losing 0.83 percent of its value from the close on Friday. Intraday, the won touched 1,432 to the dollar.

The currency's fall accelerated last week following a 75-basis-point increase of the fed-funds rate by the U.S. Federal Reserve, the third consecutive increase of that magnitude, and as authorities in Korea failed to come up with a convincing response to the extended rout.

Stocks also traded lower Monday, with the Kospi down about 2.5 percent to the 2,230 level by early afternoon.

BY JIN MIN-JI [jin.minji@joongang.co.kr]