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South Korean currency falls on rumors of Kim Jong-un’s illness

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South Korea rubbishes rumors of Kim Jong Un’s illness Description video: However, according to a North Korean state media report the leader was last seen on April 11, at a politburo meeting South Korean currency falls on rumors of Kim […]

South Korea rubbishes rumors of Kim Jong Un’s illness

Description video:
However, according to a North Korean state media report the leader was last seen on April 11, at a politburo meeting

South Korean currency falls on rumors of Kim Jong-un’s illness

The Korean won weakened sharply against the dollar on Tuesday amid unconfirmed reports that North Korean leader Kim Jong-un is seriously ill..

The Korean won fell 0.74% at 1,229.59 per dollar. South Korea’s currency declined to 1241.15 against the dollar a day earlier, amid conflicting reports that Kim was unwell.

South Korean markets also saw a decline, with the Kospi closing 1% lower on the day, while the Kosdaq closed the day with a 1.42% decline. Defense stocks Victek soars 23.76%, Hyundai Cement and Hyundai Elevator shed 2.48% and 4.7%, respectively.

On Tuesday, CNN reported citing an unnamed U.S. official who bluntly stated that Washington «examines intelligence» about the fact that Kim is in «serious danger after surgery».

The North Korean leader was reportedly absent during his grandfather’s birthday celebrations on April 15, raising questions about his health. CNN Says He Was Seen Four Days Before At A Government Meeting.

However, doubts remain about the health status Kim Jong-un.

«We confirm that Chairman Kim Jong-un is currently touring provincial districts with his close associates, and we find no evidence to support speculation about his poor health.», – told NBC News at the office of the President of South Korea.

Reuters also reported, citing two government sources, that Kim was not seriously ill..

An earlier report to Reuters quoted the South Korean website Daily NK as saying Kim was recovering from a cardiovascular surgery on April 12. This post cites unnamed North Korean sources..

South Korean currency falls on rumors of Kim Jong-un's illness

The uncertainty of the situation and then «what a potential new regime might look like» puts pressure on markets.

Many other currencies in Asia have also weakened. The Chinese yuan was down 0.13% to 7.0814 per dollar, while its offshore counterpart traded at 7.0955 per dollar. Singapore dollar also down 0.3% to hit 1.4251 against the US dollar.