Won Keeps Rising Despite N.Korean Missile Launch

      November 30, 2017 09:49

      The South Korean won continued to strengthen on Wednesday despite North Korea's latest missile launch.

      /Newsis

      The won closed at W1,076.8 against the dollar, the highest in two years and seven months. The South Korean currency has risen W73 against the dollar since late September.

      It seems investors have gotten used to North Korea's provocations, and market sentiment was also affected by optimism over the South Korean economy and a buying trend among foreign investors in the stock and bond markets.

      South Korea remains at risk of being labeled as a currency manipulator by the U.S., which acts as a signal to traders that authorities will not intervene aggressively to stabilize the won.

      The market is keeping its eyes on the Bank of Korea's decision on the key interest rate on Thursday.

      Park Hyung-joong at Daeshin Securities said, "The won could weaken even if the BOK raises the base interest rate, as long as central bank officials do not signal additional rate hikes over the short term."

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