S Korea exchange rate keeps rising, breaching $1,120 won mark

16:51, January 11, 2010      

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The South Korean currency soared to the U.S. dollar, breaching the 1,100 level to stand at a 16-month high as ongoing expectation on the won's further rises, local media said Monday.

The local currency, closing at 1,119.8 won to the U.S. dollar, kept up its upward move since the start of the new year and stood at the strongest level since Sept. 17, 2008, South Korea's Yonhap News Agency said.

The current surge in the exchange rate came as it reflected offshore investors' expectation on further gain of the won, Yonhap said, quoting a local analyst.

The figure was also affected by newly released job data in the United States, which may dent the U.S. dollar for the time being, the media said.

The South Korean government has been seeking a weaker local currency amid the global economic downturn, taking into account its export-oriented economy.

Amid growing optimism about a brisk economic recovery, meanwhile, the local currency has climbed 8.16 percent versus the dollar in 2009, recovering part of its 25.7 percent retreat in 2008 alone.

With the won hiking at a faster pace, an intervention by the South Korean economy is inevitable, Yonhap said.

Source: Xinhua
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