The South Korean won rises against the U.S. dollar, extending gains for a fifth consecutive session. It is quoted at about 1,338.5 won per dollar as of mid-afternoon trading, up roughly 1.9 won from the close of the previous session. During earlier trading, the won briefly strengthens to around 1,336.3 won per dollar, its strongest level in about a month.
Outlets link the move to broader currency dynamics. One report cites continued broad strength in the U.S. dollar while recent minutes from U.S. Federal Reserve policymakers indicate concerns about inflation risks, factors that can affect expectations for interest rates and exchange rates. Alongside the currency move, foreigners are described as selling about 2 trillion won worth of local shares in the most recent regular trading session, while the Korea Composite Stock Price Index falls sharply, closing down 2.62%.
