finance
South Korean Won Closes at 1,555.8 per Dollar after Foreign Stock Sales and Partial Rebound
The won closed the session at 1,555.8 against the U.S. dollar after foreign investors sold 4.3 trillion won in local shares. The currency stayed above the 1,550 level for a second day and reached its weakest close since March 2009 the prior session.
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The South Korean won traded at 1,555.8 per U.S. dollar at 3:30 p.m. on July 2, down 0.9 won from the prior close, Yonhap reported. The exchange rate remained above the 1,550 level for the second consecutive day.
Foreign investors sold a net 4.3 trillion won ($2.7 billion) of South Korean stocks during the session. The sales marked the tenth straight trading day of net foreign outflows from the equity market. The won opened at 1,552.3 per dollar, up 2.6 won, after U.S.
Federal Reserve Chair Kevin Warsh said inflation expectations had moderated. It later gave up those gains. On July 1 the won closed at 1,554.9 per dollar, its weakest finish since March 5, 2009. Vice Finance Minister Huh Chang said the government stands ready to intervene in the foreign-exchange market if needed.
He described the current exchange rate as misaligned with South Korea's economic fundamentals. A financial data screen in the dealing room of Hana Bank in Seoul showed the intraday moves on July 2.
