Won Reaches 13-Month Record
The South Korean won climbed today, reaching the highest level in 13 months, probably because exporters sold dollars to convert their earnings after exports advanced. The Forex market sentiment improved today, adding to the bullish bias of the currency.
South Korea’s current account balance posted a surplus of $6.07 billion in September, reaching the second highest level in history, due to rising exports. Exporters should have sold dollars to convert their profits and that was one of the possible reasons for the won’s gains. Earlier, some speculators were selling the South Korean currency on concerns that the Bank of Korea may implement additional regulations after the bank discusses its currency forward positions with the Financial Supervisory Service.
USD/KRW fell from 1,098.2500 to 1091.4000 as of 13:40 GMT today and its daily minimum was at 1,089.6000.
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Earlier News About the South Korean Won:
- Won Remains Weak Even as BoK Maintains Key Rate (2012-09-13)
- Rating Agencies Raise Korea's Credit Grade, Won Strengthens (2012-09-06)
- Won Weakens as US Data Hurts Risk Appetite (2012-09-04)
- Won Falls as Uncertainty Eats Away Risk Appetite (2012-08-30)
- South Korean Won Rises, Trims Gains on Concerns for Global Economy (2012-08-20)