Won reaches 13-month high against dollar

The Korean won extended its gains and hit an over 13-month high against the U.S. dollar Friday, as exporters sold dollars while traders awaited what would come out of the U.S. monetary policy event held at Jackson Hole in Wyoming.

The won strengthened by 8.4 won from the previous session and stood at 1,372.5 won per dollar at 3:30 p.m. It marked the strongest level since July 24 last year, when the won stood at 1,367.2 per dollar.

The won's advance came as dollar-selling by local exporters has gained pace since the won rose past the level of 1,400 per dollar.

Federal Reserve Chair Kevin Warsh was set to deliver a speech at the Jackson Hole Economic Policy Symposium, amid growing concerns about U.S. fiscal debts.

Meanwhile, foreigners sold a net 1.7 trillion won ($1.24 billion) worth of local stocks during the latest trading session, with the benchmark Kospi falling 1.79 percent to close at 6,788.88.

Yonhap