Korean won gains slightly after soft US inflation data
The Korean won made slight gains against the U.S. dollar Friday, after better-than-expected U.S. inflation data reduced market expectations of a rate hike by the Federal Reserve. The won was quoted at 1,418.3 won per dollar at 3:30 p.m., up 1.1 won from the close of stock trading the previous day. The won opened at 1,414.9 won per dollar and rose to as high as 1,411.8 won in afternoon trading.…
The Korean won experienced a slight increase against the U.S. dollar on Friday, as unexpectedly mild U.S. inflation data lowered expectations of a Federal Reserve rate increase. The won was trading at 1,418.3 per dollar at 3:30 p.m., marking a 1.1 won rise from the previous day's stock market close. It opened at 1,414.9 per dollar and reached a peak of 1,411.8 won during afternoon trading.
This marked the sixth consecutive trading day in which the won fluctuated within a 1,140 per dollar range, the highest level since early October last year. The U.S. Producer Price Index surged 4.7 percent year-over-year in July, a decrease from the 5.5 percent increase seen in June. In the latest trading session, foreigners purchased a net 3.38 trillion won worth of local stocks, propelling the benchmark Korea Composite Stock Price Index to a 2.42 percent rise, closing at 6,977.94.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
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- Korean won gains slightly after soft US inflation data koreatimes.co.kr
