Seoul: The South Korean won experienced a significant rise against the U.S. dollar on Wednesday, nearing its highest level in almost two months, as foreign investors increased their purchase of local stocks. The won was recorded at 1,498.5 per dollar by 3:30 p.m., a 29.7 won increase from the previous session, marking the strongest exchange rate it has seen since May 14. This was the first occasion since May 29 that the won breached the 1,400-per-dollar threshold during intraday trading.

According to Yonhap News Agency, the Korean currency opened at 1,516.5 won per dollar, an increase of 11.7 won from the previous session. Foreign investors contributed to this trend by purchasing a net total of 300 billion won (equivalent to US$198 million) in local stocks on Wednesday, effectively concluding their 13-session selling spree.

In addition, this week, SK hynix Inc. announced its plans to raise up to 43 trillion won through a stock offering for the listing of its American depositary receipts on the Nasdaq market. Analysts suggest that the won's strength may partly be attributed to an influx of foreign exchange forwards related to the planned U.S. listing of SK hynix shares, indicating a clear connection between international investment activities and the currency's performance.