The South Korean won strengthened to around 1,413 per dollar, near a more than 10-month high, as softer U.S. inflation data reduced expectations of further Federal Reserve tightening and improved demand for Korean assets. U.S. producer prices were unchanged month on month in July, following a mild consumer-price reading, and markets cut the implied probability of a September Fed rate hike to about 35% from 55% a week earlier, easing support for the dollar. Persistent exporter dollar selling, conversion of SK hynix ADR proceeds into won, and renewed foreign buying of Korean equities added to local-currency demand, while the Bank of Korea had earlier said the won had already risen 9.4% from end-June to Aug. 11, the strongest gain among major currencies, even as yen weakness, higher oil prices and Middle East tensions remained constraints on further appreciation.