Key facts
- The South Korean won reached a near two-year high against the U.S. dollar on Monday.
- Exporters converting dollar earnings into Korean currency fueled the won's advance.
- The won was quoted at 1,335.1 won per dollar at 3:30 p.m. local time.
- The won reached a high of 1,331.3 per dollar, its strongest level since October 4, 2024.
The South Korean won appreciated to a level not seen in nearly two years against the U.S. dollar on Monday, driven by local exporters converting their dollar earnings into the Korean currency. The won was quoted at 1,335.1 won per dollar at 3:30 p.m. local time, marking a gain of 7.7 won from the previous session's close. During afternoon trading, the won reached an intraday high of 1,331.3 per dollar, its strongest point since October 4, 2024.
Traders attributed the won's advance to continued dollar sales by local exporters, with semiconductor manufacturers being prominent among them. Meanwhile, foreign investors sold a net 2.01 trillion won (US$1.5 billion) of South Korean shares during the regular trading session, contributing to a 3.65 percent plunge in the benchmark Korea Composite Stock Price Index, which closed at 6,384.24.