S. Korean won sharply weakens against US dollar

What happened: The South Korean won sharply weakened against the U.S. dollar on Monday, with institutional traders appearing to lock in gains after the won's recent advance. Key numbers: Won quoted at 1,343.8 per dollar at 3:30 p.m., down 9.5 won from the previous session's close. First time around 1,340 since Oct. 15. Foreign investors sold a net 374 billion won ($278 million) of local shares. Why it matters: Traders are watching the US midterm elections, which are expected to affect Washington's policies on global geopolitical and economic fronts.

The South Korean won sharply weakened against the U.S. dollar on Monday, with institutional traders appearing to lock in gains after the won's recent advance.

Traders are watching the US midterm elections, which are expected to affect Washington's policies on global geopolitical and economic fronts.