Seoul: The South Korean won strengthened against the U.S. dollar Tuesday, as foreign investors remained net buyers of local stocks. The won was quoted at 1,474.3 won per dollar at 3:30 p.m., up 5 won from the previous session.

According to Yonhap News Agency, the Korean currency opened at 1,477.6 won per dollar and swung between gains and losses. At one point in afternoon trading, the won rose to 1,471.1 won per dollar, marking its strongest level since May 11.

The won's appreciation was also supported by SK hynix Inc. converting part of its proceeds raised via the American depositary receipts on the Nasdaq market into the won, some analysts indicated. Overseas investors also bought a net 295 billion won (US$199 million) worth of local stocks on Tuesday, with the benchmark Korea Composite Stock Price Index jumping 3.56 percent to close at 6,474.95 points.