Seoul:The South Korean won slightly decreased in value against the U.S. dollar on Thursday, influenced by offshore investors who continued to sell local stocks following the Democratic Party's victory in the U.S. midterm elections.
According to Yonhap News Agency, the won was valued at 1,342.1 won per dollar at 330 p.m., reflecting a decrease of 0.6 won compared to the previous stock trading session's close.
The Democratic Party's success in securing majorities in both the U.S. Senate and House of Representatives has led traders to anticipate a weakening of U.S. President Donald Trump's power during his remaining term. This political shift is also raising questions about its impact on the local semiconductor sector, particularly regarding whether a Democrat-controlled Congress might decelerate the development of data centers for artificial intelligence.
Foreign investors offloaded net local shares worth 3.39 trillion won (approximately US$2.53 billion) during the latest regular stock trading session. This action contributed to a significant drop in the benchmark Korea Composite Stock Price Index, which fell by 5.28 percent to close at 5,383.80.