India, July 16 -- The South Korean won strengthened against the U.S. dollar in the European session on Thursday, after the Bank of Korea raised its benchmark interest rate for the first time since 2023 as inflation is projected to stay above 2 percent target for a considerable time.
The Monetary Policy Board of the Bank of Korea unanimously decided to hike the base rate by 25 basis points to 2.75 percent.
The bank raised its interest rate for the first time since January 2023. Today's decision came in line with expectations.
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