South Korean won cuts losses on stocks, exporters
Published: Tue, 25 Aug 2009 23:56:44 GMT Hits: 4941
SEOUL, July 9 - The South Korean won cut its losses against the dollar on Thursday as local stocks extended gains and on demand from exporters for settlements.
The won <KRW=> received further relief as investors cleared dollar-long positions.
The local currency was quoted at 1,277.3/7.8 per dollar as of 0315 GMT, compared with Wednesday's domestic close <KRW=KFTC> of 1,276.1. It slid to as soft as 1,281.1, the weakest since June 30.
"Exporter deals prompted stop-loss dollar selling. Investors appeared to still hold dollar-long positions, but I doubt the won can extend gains past the 1,275 level," said a local bank dealer.
Seoul shares <.KS11> were up 0.48 percent, while foreign investors sold a net 4.1 billion won ($3.21 million) worth of stocks on the main exchange.
Currency investors showed a muted reaction to the central bank's decision to keep interest rates unchanged. Earlier, the Bank of Korea held its benchmark interest rate steady at a record low of 2.0 percent for a fifth consecutive month in a widely expected move to support an only nascent recovery in Asia's fourth-largest economy. [InSEO87832]
0315 GMT 0005 GMT Prev close Won 1,277.3/7.8 1,278.9/9.0 1,276.1 Yen/won 13.6917/29 13.7723/52 13.5331/16 KOSPI 1,437.88 1,433.03 1,431.02
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