Won Rises with Help of Foreign Investors

The South Korean won climbed today as the overseas inflows into the nation’s economy confirmed attractiveness of the currency to the global investors.
The exchange data showed that the global funds bought $549 million more shares than they sold in the three days ended October 13. Korea’s President Lee Myung Bak and US President Barack Obama agreed to cooperate in stabilization of the currency in case such action would be required. The MSCI Asia-Pacific Index of shares dropped after Standard & Poor’s downgraded Spain’s credit rating.
USD/KRW fell from 1,158.00 to 1,156.2000 today as of 10:28 GMT, following the jump to 1,164.8500.

If you have any questions, comments or opinions regarding the South Korean Won,
feel free to post them using the commentary form below.