Korean won strengthens on dollar selling
The won-dollar exchange rate and the benchmark KOSPI indices are seen on an electronic board at Hana Bank's dealing room in central Seoul, Tuesday. Yonhap
The Korean won advanced against the U.S. dollar Tuesday, driven by dollar sales by local exporters.
The won was quoted at 1,356.7 won per dollar at 3:30 p.m., up 8.4 won from the close of the previous stock trading session.
Traders attributed the won's advance to dollar sales by local exporters, which typically offload the greenback at the end of each month.
However, the won's gain was limited amid rising oil prices as expectations faded for negotiations to reopen the Strait of Hormuz.
Foreigners sold a net 2.9 trillion won ($2.14 billion) worth of local stocks during the latest regular trading session, with the benchmark Korea Composite Stock Price Index falling 0.27 percent to close at 6,870.81.