Korean won sharply strengthens on weaker US employment growth
The won-dollar exchange rate is displayed on a screen at a dealing room of Hana Bank in Seoul, Friday. Yonhap
The Korean won sharply strengthened against the U.S. dollar Friday, as slower U.S. jobs growth weakened expectations of a rate hike by the Federal Reserve.
The won was quoted at 1,525.6 won per dollar at 3:30 p.m., up 30.2 won from the previous session. This marks the won's strongest exchange rate since June 17.
The Korean currency opened at 1,544.5 won per dollar, up 11.3 won from the previous session, after weaker-than-expected U.S. employment data dimmed anticipations of a quick rate hike this year.
It had been under constant pressure over expectations of a rate hike by the Federal Reserve.
The won's rise was also helped by the strengthening of the Japanese currency vis-a-vis the dollar, analysts said.
Foreign investors sold a net 2.2 trillion won ($1.4 billion) worth of local stocks on Friday, while the benchmark Korea Composite Stock Price Index jumped nearly 6 percent to close at 8,088.34.