South Korean won hits 13-month high against U.S. dollar
Won reaches strongest level since July last year, driven by exporter dollar-selling
Quick Look
The South Korean won advanced to its strongest level against the U.S. dollar in about 13 months, reaching 1,368.6 won per dollar amid exporter dollar-selling.
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Why It Matters
The South Korean won advanced to its strongest level in about 13 months, driven by exporter dollar-selling and foreign fund inflows.
SEOUL, Aug. 31 (Yonhap) -- The South Korean won advanced to its strongest level against the U.S. dollar in about 13 months, driven by dollar-selling by exporters.
The won was quoted at 1,368.6 won per dollar at 3:30 p.m., up 3.9 won from the close of the previous stock trading session.
At one point in afternoon trading, the won rose to as high as 1,367.9 per dollar, marking the strongest level since July 24 last year.
The won's steady advance came in spite of hawkish remarks by Federal Reserve Chair Kevin Warsh that the U.S. central bank may be preparing to increase interest rates unless inflation risks wane.
Moon Jeong-hee, an economist at KB Kookmin Bank, attributed the steady appreciation of the won to the selling off of the greenback and net inflow of foreign funds.
Open Questions
- Will the won maintain its strength against the dollar?
