South Korean Won Rises to Near Two-Year High Against U.S. Dollar

SEOUL, Sept. 7 (Yonhap) -- The South Korean won gained to a near two-year high against the U.S. dollar Monday, as local exporters continued to convert their dollar holdings into the local currency.

The won was quoted at 1,340.5 won per dollar at 3:30 p.m., up 9.9 won from the close of the previous stock trading session.

Buoyed by dollar sales by local exporters, the won advanced to a high of 1,334.7 per dollar at one point in morning trading, marking the strongest level since Oct. 4, 2024.

The won has strongly rebounded in recent weeks as local exporters cut their dollar holdings and SK hynix Inc. converted its proceeds from a mega U.S. listing into the Korean currency.

The won advanced although expectations of a U.S. rate hike were raised after better-than-expected jobs data.

However, the won pared some gains after Yonhap Infomax reported that the state-run National Pension Service, one of the world's biggest pension funds, halted its foreign exchange hedging operations.

Foreigners purchased a net 2.5 trillion won (US$1.86 billion) worth of local stocks during the latest trading session, with the benchmark Korea Composite Stock Price Index jumping 4.61 percent to close at 6,995.39.