S. Korean won strengthens against U.S. dollar on Fed official's dovish remarks

SEOUL, Oct. 14 (Yonhap) -- The South Korean won strengthened against the U.S. dollar Wednesday, after dovish remarks by a Federal Reserve official reduced expectations of rate hikes.

The won was quoted at 1,338.3 won per dollar at 3:30 p.m., up 6.8 won from the close of the previous stock trading session.

The U.S. currency remained weak as New York Fed President John Williams said he sees one more rate hike may be needed this year, but further tightening may not be necessary next year.

The won's gain was also limited as traders awaited the release of U.S. consumer price data.

Foreign investors sold a net 1.18 trillion won (US$880 million) worth of local shares during the latest regular trading session, extending their sell-off to a seventh consecutive session.