Korean won rises to highest in over five years

The Korean currency breached the 1,030 won level per the U.S. dollar on Wednesday on the greenback's weakness against major currencies and exporters' dollar sales from brisk exports.

The local currency was trading at 1,026.75 won against the greenback as of 9:35 a.m., up 3.55 won from the previous session's close.

It marked the first time since Aug. 8, 2008 when the local currency breached the 1,030 won level per the dollar.

The won's gain came as the dollar depreciated against major currencies on weaker-than-expected economic growth for the first quarter. Exporters also unloaded the greenback as Seoul's exports remained robust in April, experts said.

"The greenback weakened as data on the first-quarter economic growth in the U.S. were softer than expected and the euro gained ground as prospects for a rate cut eased," said Jeon Seung-ji, a currency analyst at Samsung Futures Co.

She said that foreign exchange authorities may intervene in the market to prevent the won from further rising to breach the 1,020 won level.

Korea logged a current account surplus for the 25th straight month in March as exports remained firm. The central bank forecast that the 2014 surplus will reach $68 billion following a record $79.88 billion in 2013. (Yonhap)