Korean won rises against US dollar after Fed's Warsh remarks on inflation
The won-dollar exchange rate is displayed on screen at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
The Korean won rose slightly against the U.S. dollar Thursday, after remarks by U.S. Federal Reserve Chair Kevin Warsh that inflation expectations had moderated.
The won opened at 1,522.3 won per dollar, up 2.6 won from the previous session, and swung between gains and losses in the morning trading.
This comes as the Korean currency has been under persistent pressure from the strong U.S. dollar.
On Wednesday, the won hit its weakest level since March 5, 2009, slumping to 1,544.9 won to the dollar at the close of onshore trading.
Adding to the pressure on the won, foreign investors continued to sell local stocks.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped more than 6 percent to 7,790.16 as of 9:15 a.m.
Foreign investors had sold a net 1.8 trillion won worth of local stocks as of Thursday morning.