S. Korean won slightly weakens against U.S. dollar after BOJ's expected rate hike
SEOUL, Sept. 18 (Yonhap) -- The South Korean won slightly weakened against the U...
Seoul, September 18 (Yonhap) -- The South Korean won experienced a minor depreciation against the U.S. dollar on Friday, following the Bank of Japan's (BOJ) anticipated interest rate increase. By 3:30 p.m., the exchange rate stood at 1,383.3 won per dollar, marking a decrease of 1.1 won from the preceding stock trading session's close.
Throughout the week, the won faced downward pressure due to the U.S. Federal Reserve's interest rate hike and the rise in oil prices, which were triggered by heightened military tensions between the United States and Iran in the Middle East. Even with the BOJ's interest rate hike, the Japanese yen continued to weaken against the dollar, although the rate increase did not garner unanimous support.
Some analysts suggested that the won's recent decline could be attributed to investors covering their dollar positions ahead of the weekend and the Chuseok holiday, which falls between September 24 and 27. During the latest regular trading session, foreigners purchased a net 144.9 billion won (US$104 million) worth of local stocks.
The Korea Composite Stock Price Index, which serves as a benchmark for the local stock market, rose by 2.66 percent and closed at 6,894.23.
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