S. Korean won strengthens on dollar selling by exporters

Seoul, August 6 - The South Korean won continued its upward trend against the U.S. dollar on Thursday, following a ten-month high, as falling oil prices caused traders to remain cautious about potential U.S. interventions for the Japanese yen. The currency settled at 1,423.8 won per dollar at 3:30 p.m., marking a rise of 0.7 won from the previous day's close.

Opening at 1,423 won per dollar, the won surged to a peak of 1,414.5 won during morning trading, the highest level since October 2 of the previous year. The appreciation of the won was further bolstered by the recent joint market intervention announcements by the United States and Japan. In the latest trading session, foreigners sold a net 3.3 trillion won (equivalent to US$2.3 billion) worth of domestic stocks, with the benchmark Korea Composite Stock Price Index slipping 4.58 percent to close at 6,296.38.