Korean won strengthens after US employment growth slows

The won-dollar exchange rate is displayed on a screen at a dealing room of Hana Bank in Seoul, Friday. Yonhap

The Korean won strengthened against the U.S. dollar Friday, on expectations that slower U.S. jobs growth may prompts the Federal Reserve to moderate its anticipated rate hike this year.

The won opened at 1,544.5 won per dollar, up 11.3 won from the previous session, marking the strongest level since June 30.

At one point in morning trading, the won fell 2.9 won to 1,545.4 won to the greenback.

The won has shown persistent weakness against the dollar as foreign investors continued to offload local stocks.

At Thursday's close of onshore trading, the won was quoted at 1,555.8 won per dollar, with the exchange rate remaining at the 1,550-level for the second consecutive day.

The won's rise was also helped by the strengthening of the Japanese currency vis-a-vis the dollar, analysts said.