S. Korean won gains slightly after soft U.S. inflation data
SEOUL, Aug. 14 (Yonhap) -- The South Korean won made slight gains against the U....
On August 14, the South Korean won experienced a slight increase against the US dollar following positive US inflation data that lowered expectations of a Federal Reserve rate hike. The currency was trading at 1,418.3 won per dollar at 3:30 p.m., marking a rise of 1.1 won from the previous day's close. The won opened at 1,414.9 won per dollar and briefly reached a high of 1,411.8 won during afternoon trading.
This marked the sixth consecutive trading session where the won remained within a narrow range of approximately 1,140 per dollar, the strongest level since early October 2022.
The US Producer Price Index (PPI) increased by 4.7 percent year-on-year in July, a decrease from the 5.5 percent rise observed in June. This data point contributed to the positive sentiment surrounding the South Korean won. During the latest trading session, foreigners purchased a net 3.38 trillion won (US$2.4 billion) worth of local stocks. The Korea Composite Stock Price Index (KOSPI), which serves as the benchmark for the Korean stock market, rose by 2.42 percent, closing at 6,977.94.
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