finance
South Korean Won Strengthens Sharply to Strongest Level Since May 14
The won closed at 1,498.5 per dollar on July 8 after foreign investors bought a net 300 billion won in local stocks. The move ended a 13-session selling streak and coincided with SK hynix's planned Nasdaq ADR offering.
Jul 8, 4:05 AM·1m read1 source
YonhapAudio version
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The South Korean won strengthened sharply against the U.S. , up 29.7 won from the prior session, Yonhap reported. The rate marked the won's strongest level since May 14 and the first time since May 29 that it reached the 1,400-per-dollar range during intraday trading.
The currency opened at 1,516.5 won per dollar, already 11.7 won stronger than the previous close. Foreign investors purchased a net 300 billion won, or US$198 million, of South Korean stocks that day, halting a 13-session selling streak, according to Yonhap. 's planned stock offering.
The company intends to raise up to 43 trillion won through the issuance of American depositary receipts for a Nasdaq listing scheduled for the week of July 8. SK hynix had lowered the offering size to that amount. A financial data screen in the dealing room of Hana Bank in Seoul captured market activity the previous day.
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