Seoul: The South Korean won has climbed to a new 14-month high against the U.S. dollar, coinciding with a notable strengthening of the Japanese yen. On Friday, the won was quoted at 1,350.4 per dollar at 3:30 p.m., marking an increase of 8.9 won from the previous session's close. This represents the strongest level for the won since June 30 of last year.
According to Yonhap News Agency, the recent appreciation of the won can be attributed to local exporters reducing their dollar holdings. Additionally, SK hynix Inc. has converted proceeds from a significant U.S. listing into the Korean currency, contributing to the won's rebound in recent weeks. Market participants are also anticipating potential intervention by Japan's financial authorities to support the yen, which has experienced a sudden rise in strength this week.
In the stock market, foreign investors purchased a net 479.3 billion won, equivalent to US$354 million, of local stocks during the latest trading session. This activity contributed to the benchmark Korea Composite Stock Price Index gaining 1.64 percent, closing at 6,687.21.