Won Rises as Exporters Convert Earnings Ahead of Year-End
The South Korean won advanced today, unharmed by the risk aversion sentiment on the Forex market, as Korea’s exporters were converting their earning into the local currency ahead of the year-end.
Unlike some other Asian currencies, including the Indonesian rupiah, the won was not bothered by the risk-negative sentiment among investors. South Korean exporters were selling dollar to convert their overseas profits into the domestic currency, increasing demand for the won. There were worries that officials may intervene, limiting gains, as rising won and falling yen made South Korean exporters less competitive than their Japanese peers.
USD/KRW was down from 1,059.6000 to 1054.5599 as of 10:35 GMT today.
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Earlier News About the South Korean Won:
- South Korean Won Pares Losses with Help from Domestic Fundamentals (2013-11-13)
- South Korean Won Joins Rally Ahead of Fed Announcement (2013-10-30)
- Won Erases Loss as Investors Buy South Korean Stocks (2013-10-22)
- Won Rallies as Investors Buy South Korean Shares (2013-10-18)
- Won Advances as Traders Optimistic About US Debt Ceiling Talks (2013-10-15)