S. Korean currency tops 4-month high against USD

19:25, September 28, 2010      

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The South Korean won on Tuesday ended 0.17 percent higher, marking a four-month high against the U. S. dollar, amid continuing downward pressures on the greenback.

The local currency closed at 1,146.3 won to the U.S. dollar, up 1.9 won from the previous session, ending at the highest level since May 14.

Keeping up its three-day gaining streak, the South Korean won, which inched down in the early morning session, recovered its drop later in the afternoon as exporters and foreign investors unloaded a massive amount of U.S. dollars.

The recent appreciation in the South Korean won came amid major economies' endeavor to defend their currency value by unloading a large amount of currencies.

Amidst the so-called currency war, the U.S. dollar has also lost ground, which also was affected by the U.S. government's plan to boost the slowing-down economy.

Local analysts are predicting the local currency will keep its upward track for the time being, given the country's strong economic potentials which draw in foreign investors.

The appreciation of the Renminbi is also expected to pull up the South Korean currency as well, which also has had affected the value of other Asian currencies.

While many expect the South Korean won may rise against the U.S. dollar as high as to the 1,100-won level, it is evident that South Korean foreign currency authorities will intervene in the FX market as in the past, which will likely narrow the degree of the won appreciation.

The South Korean won has climbed 3.35 percent to the greenback in September alone.

Source: Xinhua


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