Seoul: The South Korean won slightly weakened against the U.S. dollar Friday, following the Bank of Japan (BOJ)'s anticipated rate hike. The won was recorded at 1,383.3 won per dollar at 3:30 p.m., marking a decrease of 1.1 won from the previous stock trading session's close.
According to Yonhap News Agency, the won has been experiencing pressure throughout the week due to the U.S. Federal Reserve's rate hike and escalating oil prices amidst renewed military tension between the United States and Iran in the Middle East. Despite the BOJ's rate hike, which was not unanimous, the Japanese yen also remained weak against the dollar.
Additionally, some traders attributed the recent depreciation of the won to dollar short-covering ahead of the weekend and the Chuseok holiday, which is observed from September 24-27. During the latest regular trading session, foreigners acquired a net 144.9 billion won (approximately US$104 million) worth of local stocks. This activity contributed to a 2.66 percent increase in the benchmark Korea Composite Stock Price Index, which closed at 6,894.23.