Seoul: The South Korean won experienced a slight rise against the U.S. dollar on Tuesday as market expectations for a Federal Reserve rate hike diminished following positive U.S. economic data. The won was quoted at 1,411.8 per dollar at 3:30 p.m., marking an increase of 1.2 won from the close of the previous stock trading day. This level is the strongest since October 2 of the previous year.
According to Yonhap News Agency, the South Korean currency opened at 1,417 per dollar and reached a high of 1,408 won during afternoon trading. The won's firm position was supported by the weakening of the U.S. dollar, influenced by soft inflation data that lowered the likelihood of the Federal Reserve adjusting interest rates in September.
During the latest trading session, foreign investors purchased a net 91.4 billion won (approximately US$64.8 million) worth of local stocks. Despite this, the benchmark Korea Composite Stock Price Index fell by 1.55 percent, closing at 6,869.83.