Korean won hits over 2-year high against US dollar
Exchange rates are displayed at a currency exchange in Seoul, Monday. Yonhap
The Korean won advanced to an over two-year high against the U.S. dollar Monday, driven by dollar sales by local exporters and foreign institutional investors.
The won was quoted at 1,330.3 won per dollar at 3:30 p.m., up 1.1 won from the close of the previous stock trading session.
At one point in afternoon trading, the won was traded at 1,327.6 per dollar, marking the strongest level since Oct. 2, 2024.
With the dollar-won exchange rate hovering around the 1,330 level in recent sessions, Finance Minister Lee Hyoung-il told reporters last Friday that the exchange rate was "falling into line" with Korea's economic fundamentals.
Foreign investors sold a net 37.8 billion won ($28.3 million) worth of local shares during the latest regular trading session, while the benchmark Korea Composite Stock Price Index gained 1.76 percent to close at 5,768.01.