Quantcast

S.Korean won ends at 8-month high as dollar recoils after Fed


Reuters

* For the midday report, please click [nL3N1KI1J2]

 (adds traders comments on suspected intervention)
    SEOUL, July 27 (Reuters) - The South Korean won <KRW=>
finished near an eight-month high on Thursday as the dollar
sagged after Federal Reserve seemed less confident about raising
interest rates due to sluggish U.S. inflation.
    The won <KRW=KFTC> was quoted at 1,112.8 to the dollar at
the conclusion of onshore trade, its highest close since Oct. 10
of 2016.
    Several currency traders in Seoul said they suspected that
foreign exchange authorities purchased dollars to temper the
won's gains ahead of the closing bell.
    Authorities declined to comment on the matter.
    It rose 0.8 percent from Wednesday's close of 1,121.8.
    South Korean shares also ended stronger, riding a global
rally in riskier assets.[MKTS/GLOB]
    The Korea Composite Stock Price Index (KOSPI) <.KS11> closed
up 0.4 percent at 2,443.24 points.
    Meanwhile, foreign investors continued to dump local stocks
to take profits. They sold a net 211 billion won ($189.56
million) worth of KOSPI shares.

 (Reporting by Dahee Kim; Additional reporting by Yena Park;
Editing by Kim Coghill)
 ((Dahee.Kim@thomsonreuters.com; +82 2 3704 5643; Reuters
Messaging: dahee.kim@thomsonreuters.com))

Keywords: SOUTHKOREA MARKETS/CLOSE (UPDATE 1)



This article appears in: Politics , Stocks , World Markets


More from Reuters

Subscribe






See Reuters News









Research Brokers before you trade

Want to trade FX?