Won Gains as Exporters Sell Dollars

The South Korean won gained today as local exporters were selling dollar, while signs of economic growth attracted overseas investors to South Korean assets.
Last week, the won has dropped to the lowest level since April 12, spurring exporters to convert their earnings to the local currency and profit from the favorable exchange rate. The Composite Consumer Sentiment Index rose from 102 in April to 104 in May, suggesting that the South Korean economy fares well. The won rose today, but remained under pressure from speculations about reduction of US Federal Reserve’s quantitative easing.
USD/KRW went down from 1,126.6000 to 1,121.9500 as of 11:24 GMT today following the rally to 1,130.2650.

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