The South Korean won ticked up today on signs that Korea’s exporters were converting their overseas earnings into the local currency before the end of the month, increasing demand for the won.
As it usually happens, exporters were buying local currency for their month-end needs, creating a temporary surge of demand for the won. Yet the rally was limited on concerns that South Korean policy makers may take steps to prevent appreciation. Previously, officials were often signaling that they are not happy with strengthening of the currency.
USD/KRW went down from 1,018.55 to 1018.29 as of 9:55 GMT today, reaching the low of 1,018.94 intraday.
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