Seoul:The South Korean won climbed to an over two-year high against the U.S. dollar on Monday. This surge was fueled by dollar sales from local exporters and foreign institutional investors.
According to Yonhap News Agency, the won was quoted at 1,330.3 won per dollar at 330 p.m., reflecting an increase of 1.1 won compared to the close of the previous stock trading session. During afternoon trading, the won peaked at 1,327.6 per dollar, its strongest level since October 2, 2024.
The Finance Minister, Lee Hyoung-il, commented last Friday that the exchange rate was aligning with South Korea's economic fundamentals, as the dollar-won rate hovered around the 1,330 level in recent sessions.
In the latest trading session, foreign investors sold a net 37.8 billion won (approximately US$28.3 million) worth of local shares. Meanwhile, the benchmark Korea Composite Stock Price Index rose by 1.76 percent to close at 5,768.01.