S.Korean won hits 10-yr low on credit, econ woes

SEOUL, Oct 8 (Reuters) - The South Korean won on Wednesday hit its weakest level since Oct. 1998, when the country was grappling with the Asian financial crisis, on persistent worries about a global credit meltdown and an economic slowdown. Investors faced difficulties securing dollars in the swap market and weaker global stock markets triggered local investment trust firms into chasing dollars to hedge currency risks on their overseas investments, putting further pressure on the won. But the local currency cut some of its early losses as some traders said the authorities were spotted selling small amounts of dollars and on lingering caution over their possible... [read full story]