S. Korean won hits fresh 11-month high on dollar selling

SEOUL, Aug. 20 (Yonhap) -- The South Korean won achieved an 11-month peak against the U.S. dollar on Thursday, driven by exporters selling dollars and the dollar's decline following the U.S. Treasury Department's decision to increase purchases of long-term bonds, aimed at stabilizing rising yields. The won closed at 1,392.6 won per dollar, a 5.1 won increase from the previous day's close.

Opening at 1,387 won per dollar, the currency surged to a high of 1,384.1 won at one point, marking the strongest level since September 18 of the previous year. This gain was further propelled by exporters' ongoing dollar sales and the dollar's weakness due to the Treasury Department's enhanced bond-buying plan. During the latest trading session, foreigners purchased a net 1.7 trillion won (US$1.23 billion) worth of South Korean stocks, propelling the benchmark Korea Composite Stock Price Index up by 5.89 percent to close at 6,852.58.