Won Strengthens by 0.9% as Local Exporters Expected to Sell Dollars

Deep News15:20

The South Korean won has extended its gains, outperforming all other emerging market currencies in Asia, on market expectations that local exporters will convert their dollar earnings into won this month.

The USD/KRW pair fell by as much as 0.9% to 1477.70.

The Bank of Korea's decision to raise interest rates on Thursday morning, which was in line with broad market expectations, provided support for the won's advance.

Hanwha Ocean is reportedly planning to sell dollar forwards this week, while SK Hynix was said to have begun using forwards earlier this month to hedge the dollar cash flow from its American Depositary Receipt listing.

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