S. Korean won hits over 13-month high on dollar selling
SEOUL, Aug. 28 (Yonhap) -- The South Korean won extended its gains and hit an ov...
South Korea's currency, the won, reached its strongest level in over 13 months against the U.S. dollar on Friday, according to Yonhap news agency. The exchange rate was quoted at 1,372.5 won per dollar at 3:30 p.m., marking an increase of 8.4 won from the previous trading session. This surge marked the highest level for the won since July 24 of the previous year, when the exchange rate stood at 1,367.2 per dollar.
The appreciation of the won can be attributed to exporters selling dollars, as well as traders anticipating the outcome of the U.S. monetary policy event held in Jackson Hole. Federal Reserve Chair Kevin Warsh was scheduled to deliver a speech at the Jackson Hole Economic Policy Symposium, adding to concerns about U.S. fiscal debts.
Moreover, the decline in foreigners' holdings of local stocks also contributed to the won's strength. During the latest trading session, foreigners sold a net 1.7 trillion won (equivalent to 1.24 billion U.S. dollars) worth of local stocks. The Korea Composite Stock Price Index, which serves as a benchmark for the local stock market, fell by 1.79 percent, closing at 6,788.88.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
