South Korean won climbs to near two-year peak as exporters dump dollars
The won rose to about 1,335 per dollar, its strongest level in two years, after local exporters sold dollars. Foreign investors sold roughly 2.01 trillion won of shares, pushing the KOSPI down 3.65%.
On Monday the Korean currency strengthened to roughly 1,335 won per U.S. dollar, marking its highest value in almost two years. The rally was driven by exporters, especially semiconductor firms, converting their foreign earnings back into won. Meanwhile, foreigners off-loaded a net 2.01 trillion won of Korean stocks, causing the benchmark Korea Composite Stock Price Index to fall 3.65% to 6,384.24. Traders attributed the currency move to the surge in dollar sales by domestic companies.
Why it matters
A stronger won affects import costs, export competitiveness, and investor sentiment in South Korea.
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