Won Goes from Strength to Strength

The Korean won continues to appreciate against the U.S. dollar since breaching the W1,010 level in recent trading.

The won closed up another W0.7 on Thursday at W1,008.5 despite verbal intervention by forex authorities worried that a strong won would hurt Korea's exports. It was the first time since July 2008 that the won strengthened above the W1,010 barrier.

The won opened at W1,009.5 in morning trade, down W0.3 from the previous day's close. It weakened further as investors dumped the Korean currency and snapped up dollars following the release of strong U.S. employment data in June.

But exporters sold off their dollar holdings later in the day's trading session, causing the Korean currency to rise by the closing bell.

A forex official said, "We do not expect the won to appreciate sharply in the near future."

The won also rose against the Japanese yen to close at W989.99, above the W990 level for the first time in five years and 10 months. The won breached the W1,000 level to 100 yen on June 5 and has continued to rise ever since.

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