The South Korean won dropped to the lowest level in 15 months on Monday, following other currencies’ moves against the greenback as upbeat job data in the U.S. fueled speculation of a hike in borrowing costs in the world’s largest economy.

The local currency closed at 1,117.7 per dollar, down 3.6 won from Friday’s close, after falling to as low as 1,121.70 at one point.

The closing price marks the lowest since Aug. 22, when the comparable figure was 1,123.00 won.

Data released Friday showed that the U.S. added the largest number of workers in nearly three years in November, further supporting the already strong dollar.

“Ahead of a general election in Japan this week, the dollar’s ascent to the Japanese yen will accelerate, and the local currency will follow that move,” said Shin Sung-in, an analyst at Shinhan Investment Corp.

Foreign investors extended their buying of local stocks to a seventh session, boosting demand for the local currency, but the won is closely tracking the dollar-yen move, analysts said.

The job data stoked speculation that the U.S. Federal Reserve may start raising its key interest rate at an earlier-than-expected date, bolstering the greenback.

The dollar has touched a multi-year high level against the yen, aided by a series of sound data pointing to a sustained recovery in the U.S. and the Bank of Japan’s surprise decision in October to jack up its stimulus measures.

The won-yen exchange rate stood at 919.86 as of 3 p.m., up 2.48 won from the previous session’s close.

South Korean currency authorities are increasingly concerned over the yen’s fast slide, which could undercut South Korean exporters’ competitiveness in overseas markets. (Yonhap)