Korea’s Won Rebounds as Investors Convert Earnings

The South Korean won rose today as the investors sought to convert their overseas earnings while the exchange rate was favorable.
Last week the won dropped after the tension between North and South Korea heated. The South Korean navy together with the US aircraft carrier USS George Washington began four-day drills, while North Korea threatened to retaliate in case its borders would be breached. China said it’s going to negotiate talks among North and South Korea to improve the relations.
USD/KRW traded near its opening level of 1,154.20 as of 11:00 GMT after it reached the intraday high of 1,156.90. EUR/KRW fell from 1,528.25 to 1,527.75.

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