(LEAD) Korean won strengthens past 1,400-per-dollar level
SEOUL, Aug. 19 (Yonhap) -- The South Korean won strengthened past the 1,400-won ...
The South Korean won reached the 1,400-won level against the US dollar on August 19, marking its strongest point in over eleven months. At 3:30 p.m., the exchange rate was recorded at 1,397.7 won per dollar, a rise of 14.1 won from the previous trading day's close. This represented the highest level since September 24 of the previous year.
The won opened at 1,413.3 won per dollar and continued its upward trend, driven by expectations of a lower Federal Reserve rate hike following strong US economic data. This currency surge was also supported by a surge in long-term US bond yields, nearing their century-high levels. Economists attribute this appreciation to exporters selling dollars and weak demand for the US currency.
Net foreigners sold 3.5 trillion won worth of local stocks in the latest trading session, causing the Korea Composite Stock Price Index to drop 5.8 percent to close at 6,471.17.
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