S. Korean won strengthens on dollar selling

The Korean won strengthened against the U.S. dollar on Tuesday, following local exporters selling dollars at the end of the month. The exchange rate reached 1,356.7 won per dollar, an increase of 8.4 won from the previous trading session's close. Traders credited the currency's rise to the dollar sales by exporters, but the gain was constrained by the rising oil prices and fading hopes for negotiations to reopen the Strait of Hormuz.

Foreign investors sold a net 2.9 trillion won ($2.14 billion) worth of local stocks in the latest trading session, leading the benchmark Korea Composite Stock Price Index to decline by 0.27 percent to 6,870.81.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.