South Korean Won Strengthens Against U.S. Dollar Amid Foreign Stock Inflows
En resumen
The South Korean won strengthened against the U.S. dollar, closing at 1,474.3 won per dollar, driven by foreign investors' net buying of local stocks and SK hynix Inc.'s conversion of American depositary receipts proceeds into won.
Resumen generado por IA
Por qué importa
The South Korean won appreciated against the U.S. dollar on Tuesday, supported by foreign investment in local stocks and a major company's currency conversion.
SEOUL, July 21 (Yonhap) -- The South Korean won strengthened against the U.S. dollar Tuesday, as foreign investors remained net buyers of local stocks.
The won was quoted at 1,474.3 won per dollar at 3:30 p.m., up 5 won from the previous session.
The Korean currency opened at 1,477.6 won per dollar and swung between gains and losses.
At one point in afternoon trading, the won rose to 1,471.1 won per dollar, marking the strongest level since May 11.
The won's appreciation was also supported as SK hynix Inc. has converted part of its proceeds raised via the American depositary receipts on the Nasdaq market into the won, some analysts said.
Overseas investors also bought a net 295 billion won (US$199 million) worth of local stocks on Tuesday, with the benchmark Korea Composite Stock Price Index jumping 3.56 percent to close at 6,474.95 points.
Preguntas abiertas
- What is the full extent of SK hynix's won conversion?
- What specific factors influenced 'some analysts' opinion?
