Baku:The South Korean won appreciated against the U.S. dollar on Wednesday, influenced by dovish comments from a Federal Reserve official that tempered expectations of future rate hikes.
According to Yonhap News Agency, the won was valued at 1,338.3 won per dollar at 330 p.m., marking an increase of 6.8 won from the previous stock market close.
The U.S. dollar remained under pressure as John Williams, President of the New York Federal Reserve, indicated that only one more rate hike might be necessary this year, with no further tightening needed in the coming year.
Despite the won's gain, the increase was limited as investors awaited the release of U.S. consumer price data. Additionally, foreign investors offloaded a net 1.18 trillion won (approximately US$880 million) in local shares during the latest trading session, continuing their selling trend for a seventh consecutive session.