S. Korean won advances to 2-year high on Fed chief's outlook, foreign inflows
SEOUL, Oct. 16 (Yonhap) -- The South Korean won strengthened to a near two-year ...
South Korea's currency, the won, surged to a near two-year high against the US dollar on Friday, driven by Federal Reserve Chairman Kevin Warsh's cautious remarks and foreign investors' inflows. The won traded at 1,331.4 won per dollar at 3:30 p.m., a 13.2 won increase from the previous trading session, marking the strongest level since October 2, 2024.
Warsh's speech at the International Monetary Fund meeting in Bangkok offered few clues about the Fed's stance at its upcoming meeting, prompting traders to anticipate a potential pause in interest rate hikes this month. This won boost followed offshore investors' end to an eight-day streak of selling local stocks, with net purchases of 341.3 billion won (US$256 million) of regional shares during the latest trading session. The Korea Composite Stock Price Index rose 2.05% to close at 5,668.05.
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