The South Korean won strengthened to its highest level in nearly 10 months, driven by exporters converting their dollar earnings into the local currency.
The won rose as much as 0.7% against the US dollar, reaching 1,414.55 won per dollar, marking its strongest point since October. The currency later pared some gains, trading up 0.3% on the day.
"While I believe there is still buying demand at low dollar-won levels, exporters selling dollars is absolutely dominant," said Min Gyeong-won, an economist at Woori Bank.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments