South Korean won climbs to near 14-month high against U.S. dollar
Won reaches 1,359.3 per dollar, strengthening past 1,360 for the first time since July last year
Quick Look
The South Korean won rose to a near 14-month high of 1,359.3 per dollar on Thursday, driven by a strengthening Japanese yen and local exporter dollar sales ahead of a U.S. employment report.
AI-generated summary
Why It Matters
The South Korean won strengthened past 1,360 per dollar for the first time since July 3 of the previous year.
SEOUL, Sept. 3 (Yonhap) -- The South Korean won climbed to a near 14-month high against the U.S. dollar Thursday, as the strength of the Japanese yen weighed on the dollar.
The won was quoted at 1,359.3 won per dollar at 3:30 p.m., up 9.4 won from the close of the previous stock trading session.
It marked the first time since July 3 last year that the won strengthened past the level of 1,360 per dollar.
At one point in morning trading, the Korean currency rose to as high as 1,355.9 per dollar.
The won's advance came amid market expectations that Japan's financial authorities may intervene to support the yen, which increased to its highest level since Aug. 7.
Local exporters also appeared to continue to sell dollars as the U.S. currency remained weak ahead of a U.S. employment report.
Open Questions
- Will Japanese authorities intervene in currency markets?
- How will the U.S. employment report impact future exchange rates?
