The South Korean won reached 1,334.7 per dollar in Monday morning trading on the 7th, its strongest level in 23 months and since Oct. 4, 2024, before standing at 1,340.5 at 3:30 p.m., up 9.9 won from the previous session. Exporters, including semiconductor companies, accelerated conversions of dollar receipts and holdings into won, while yen strength and robust semiconductor exports added to dollar-selling pressure. The National Pension Service has halted further expansion of strategic currency hedging, and foreign-exchange authorities said the fund may have bought dollars after the rate entered the 1,330-won range, although officials did not confirm specific transactions. Citi said the fund could stop increasing its strategic hedge ratio below 1,390 won and gradually reduce existing hedges as currency swaps mature. Analysts view the NPS as a brake on the pace of won appreciation rather than a force capable of reversing the broader decline in the dollar-won rate.