Won hits strongest level in two months on inflows

The Korean won sharply strengthened against the dollar Wednesday, approaching its highest level in nearly two months, as overseas investors turned net buyers of local stocks.

The won was quoted at 1,498.5 won per dollar at 3:30 p.m., up 29.7 won from the previous session. This marks the won's strongest exchange rate since May 14.

Also, it was the first time since May 29 that the won strengthened to the 1,400-per-dollar level in intraday trading.

The currency opened at 1,516.5 to the greenback, up 11.7 won from the previous session.

Foreign investors bought a net 300 billion won ($198 million) worth of local stocks on Wednesday, ending their selling spree for the 13th consecutive session.

This week, SK hynix plans to raise up to 43 trillion won via stock offering for the listing of its U.S. depositary receipts on the Nasdaq market.

The won's strength appeared to be partly driven by an influx of foreign exchange forwards related to the planned U.S. listing of SK hynix shares, some analysts said.

Yonhap