Won Strengthens to Six-Year High

      July 03, 2014 10:17

      An electronic board at Korea Exchange Bank in Myeong-dong, Seoul shows the won strengthening to 1009.20 against the greenback on Wednesday. /News 1

      The won rose to a six-year high on Wednesday, breaking the W1,010 barrier against the U.S. dollar to close up W2.5 at W1,009.2.

      The last time it closed above W1,010 was on July 29, 2008.

      This has led to forecasts that the Korean currency could even break the W1,000 barrier before the end of this year, a level seen during the boom times from January 2006 to April 2008.

      The Korean currency soared in morning trade as exporters dumped dollars and snapped up won.

      The strong won is a result of various issues, including the solid current account surplus, growing foreign investment in Korean stocks and the global weakness of the greenback.

      Korea has managed to achieve a current account surplus from March 2012 until May this year. Foreigners bought W45.2 trillion worth of Korean shares and bonds last year and W9 trillion in the first four months of this year.

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