Korean won closes at 1,352.8 as quarter-end dollar sales cap dollar gains

  • The Korean won closed at 1,352.8 per dollar on the 30th, down 3.9 won.
  • Foreign investors sold a net 2.05 trillion won of local stocks in the latest session.
  • The Korea Composite Stock Price Index fell 0.48% to close at 6,838.04.

The Korean won-dollar exchange rate closed at 1,352.8 won per dollar in Seoul on the 30th, down 3.9 won from the previous session’s close of 1,356.7. Exporters continued converting dollar earnings into won, increasing dollar supply and supporting the local currency despite rising yields on longer-dated U.S. Treasuries. Foreign investors sold a net 2.05 trillion won ($1.53 billion) of local stocks in the latest regular trading session, while the Korea Composite Stock Price Index fell 0.48% to 6,838.04. Traders were also awaiting U.S. inflation and employment data expected later in the week for signals on the Federal Reserve’s monetary-policy direction. Earlier in the session, foreign dollar buying had been linked to a previous day’s net 2.9 trillion won ($2.1 billion) equity outflow. The dollar index remained near 101, while market participants viewed month-end and quarter-end flows as the principal driver of trading. Separately, the Bank of Korea said it would not restore international foreign-exchange-reserve rankings to its monthly releases.

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