403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Korean Won Rises to 3Week High vs Dollar
(MENAFN- Qatar News Agency) Seoul October 21 (QNA) - The South Korean won rose to a three-week high against the US dollar gaining for the second consecutive day as demand for risky assets increased amid hopes that the US Federal Reserve would delay much-awaited rate hikes.
The Korean won closed at 1054.70 to the greenback up 4.9 won from the previous session's close after rising to as high as 1053.00 won at one point according to South Korea's (Yonhap) News Agency.
The closing price marks the highest since September 30 when the comparable figure was 1055.20 won.
The won's further rise was capped on foreign selling on the local bourse and dollar buying by local importers dealers said.
Market players are speculating that recent US data and concerns over a protracted slowdown in the eurozone economy may postpone the Fed's rate hikes next year.
"Market expectations are that the Fed's rate hikes may be delayed and demand for risky assets is also rising" said Son Eun-jung an analyst at Woori Futures Co.
Analysts said better-than-expected growth data from China is also capping a further rise in the US dollar against other currencies.
China's economy expanded 7.3% in the third quarter from a year earlier slightly higher than market forecasts.
The local currency has been losing ground to the dollar since late September on speculation that the Fed may accelerate its moves to raise borrowing costs but data released over the past week showed that a recovery in the world's biggest economy was still somewhat weak. (QNA)
The Korean won closed at 1054.70 to the greenback up 4.9 won from the previous session's close after rising to as high as 1053.00 won at one point according to South Korea's (Yonhap) News Agency.
The closing price marks the highest since September 30 when the comparable figure was 1055.20 won.
The won's further rise was capped on foreign selling on the local bourse and dollar buying by local importers dealers said.
Market players are speculating that recent US data and concerns over a protracted slowdown in the eurozone economy may postpone the Fed's rate hikes next year.
"Market expectations are that the Fed's rate hikes may be delayed and demand for risky assets is also rising" said Son Eun-jung an analyst at Woori Futures Co.
Analysts said better-than-expected growth data from China is also capping a further rise in the US dollar against other currencies.
China's economy expanded 7.3% in the third quarter from a year earlier slightly higher than market forecasts.
The local currency has been losing ground to the dollar since late September on speculation that the Fed may accelerate its moves to raise borrowing costs but data released over the past week showed that a recovery in the world's biggest economy was still somewhat weak. (QNA)
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
Comments
No comment