Won Hits 2-and-a-Half-Year High

The won strengthened against the U.S. dollar for the fourth straight day on Monday to the highest in two years and four months.

Coupled with the weak yen, the strong won is expected to hurt the competitiveness of Korean exporters.

The won closed up W5 at W1,053.0 against the greenback, the highest close since W1,050.8 on Aug. 2, 2011.

The rise is largely due to the weakening dollar amid forecasts that the Fed will not taper quantitative easing until next year although the U.S. saw employment indicators improve in November.

The Korea Composite Stock Price Index recovered to 2,000 points. Foreign investors snapped up more than W80.8 billion worth of Korean stocks on the day.

englishnews@chosun.com / Dec. 10, 2013 11:52 KST