Korean won reaches two-year high against U.S. dollar

The won advanced to a two-year high against the dollar Monday, driven by dollar sales by local exporters and foreign institutional investors.

The local currency rose 1.1 won from the previous session to trade at 1,330.3 against the greenback at 3:30 p.m.

At one point in afternoon trading, the won was trading at 1,327.6 per dollar, marking its strongest level since Oct. 2, 2024.

With the dollar-won exchange rate hovering around the 1,330 level in recent sessions, Finance Minister Lee Hyoung-il told reporters last Friday that the exchange rate was “falling into line” with Korea's economic fundamentals.

Foreign investors sold a net 37.8 billion won ($28.4 million) worth of local shares during the latest regular trading session, while the Kospi gained 1.76 percent to close at 5,768.01.

Yonhap