Seoul: The South Korean won made slight gains against the U.S. dollar Friday, following better-than-expected U.S. inflation data that reduced market expectations of a rate hike by the Federal Reserve. The won was quoted at 1,418.3 won per dollar at 3:30 p.m., marking an increase of 1.1 won from the close of stock trading the previous day.

According to Yonhap News Agency, the won opened at 1,414.9 won per dollar and rose to as high as 1,411.8 won in afternoon trading. This marks the sixth consecutive trading session where the won has traded in a range of approximately 1,140 per dollar, registering the strongest level since early October last year.

The U.S. Producer Price Index recorded a 4.7 percent year-on-year gain in July, a decline from the 5.5 percent rise in June. This decline in inflation metrics has impacted market sentiment toward future Federal Reserve interest rate decisions.

Foreign investors purchased a net 3.38 trillion won (US$2.4 billion) worth of local stocks during the latest trading session. This surge in foreign investment contributed to the benchmark Korea Composite Stock Price Index climbing 2.42 percent to close at 6,977.94.