Won hits four-month low amid high oil price

South Korea’s won had its lowest close in four and a half months after the central bank said it will cut its forecast current-account surplus because of record oil prices.

Rising crude oil prices threaten to dampen demand for Korean exports, while increasing the cost of the country’s fuel imports.

A narrower surplus curbs purchases of won, in exchange for dollars, to pay for shipments of Korean products.

The won fell 0.5 percent to 1,026.30 against the dollar, its weakest close since Feb. 15, according to Seoul Money Brokerage Services Ltd.