Korean won gains slightly after soft US inflation data

The Korean won experienced a slight rise against the U.S. dollar on Friday, after U.S. inflation data proved to be better than anticipated, which lowered expectations of a rate increase by the Federal Reserve. The won was valued at 1,418.3 won per dollar at 3:30 p.m., marking a 1.1 won increase from the previous day's stock market close. Opening at 1,414.9 won per dollar, the currency climbed as high as 1,411.8 won during afternoon trading.

For the past six trading days, the won has fluctuated within a range around 1,140 per dollar, a level not seen since early October of the previous year. The U.S. Producer Price Index increased by 4.7 percent year-over-year in July, down from a 5.5 percent rise in June. During the latest trading session, foreigners purchased a net 3.38 trillion won ($2.4 billion) worth of domestic stocks. The Korea Composite Stock Price Index rose by 2.42 percent, closing at 6,977.94.