South Korea‘s currency dipped against the U.S. dollar for the fourth consecutive day, hitting a more than seven-month low on Tuesday as sound U.S. economic data reinforced expectations about rate hikes by the Federal Reserve, while Japan and other major economies are on a course toward further monetary easing.

The won finished at 1,076.50 won to the dollar, down 3.9 won from the previous session’s close, marking the lowest level since March 25 when it closed at 1,079.40. The local currency fell to as low as 1,081.70 won at one point, but pared part of its earlier losses on dollar selling by local exporters.

The won-yen rate reached an almost six-year high of 947.30 won per 100 yen as of 4:35 p.m., up 4.64 won from the previous session‘s close.

Analysts said South Korean currency authorities may feel pressured to take action if the yen continues to slide.

“With the aftermath of the Bank of Japan’s monetary easing expansion still reverberating, sound economic data from the U.S. is helping the buck gather further ground (against other currencies),” said Hong Suk-chan, an analyst at Daishin Securities. “The won-dollar rate may settle over the 1,080-won level.” (Yonhap)