SKorean won closes sharply higher against US dollar; hits new high |
|
|
|
Published
:
Fri, 20 Jul 2007 11:09
|
SEOUL (Thomson Financial) - The South Korean won closed sharply higher against the US dollar Friday, extending its advance for a third straight session, as the greenback was sold down amid concerns over the US housing market and as local shipbuilders cut back their dollar holdings for settlement.The won found further support from the stock market's impressive rally and slowing foreign investor unloading of local shares.However, fears that the monetary authority may intervene by selling dollars in the market to check the steep rise of the local currency trimmed the won's earlier gains.The won closed at 914.9 per dollar, its best level so far this year, surpassing yesterday's closing level of 916.00. The South Korean currency had risen to as high as 914.2 during the day, its highest level since December 2006.The benchmark KOSPI index today ended up 45.64 points or 2.4 percent at 1,983.54, a new lifetime high.So far this month alone, the won has gained about one percent against the greenback.Foreign investors were net sellers of shares worth 23.2 billion won today, after dumping a combined net 1.78 trillion won over the last four days.'The won's strength was as remarkable as the stock market's rally. It outweighed the dollar buying of foreign investors to channel their recent profits from equities, ' a forex dealer at a local bank said.He said the won-dollar pair may test levels last seen prior to the 1997 Asian financial crisis as early as next week.eunkyung.seo@thomson.comes/zrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
|
|
|
|
|
|
Print this Story
SKorean shares close higher on analyst upgrades, LG Electronics' upbeat results 