Korean Won in 4Day Advance vs Dollar

12/1/2014 6:32:05 AM

(MENAFN- Qatar News Agency) Seoul November 26 (QNA) - The South Korean won rose to the U.S. dollar on Wednesday extending its winning streak to a fourth day as it tracked peers' moves against the greenback.

The won was changing hands at 1106.90 as of 1:45 p.m. up 2.20 won from the previous session's close according to South Korea's (Yonhap) News Agency.

Analysts said the dollar's recent rally was taking a breather given mixed data from the U.S. economy.

The U.S. economy grew at a faster-than-expected clip in the third quarter while separate data on U.S. consumer confidence showed that economic conditions were still uncertain.

End-month dollar selling by local exporters added to downward pressure on the greenback.

"Ahead of the U.S. Thanksgiving holiday a spate of U.S. data is slated for release including October new home sales. Players remained cautious (about their dealings)" said Son Eun-jung an analyst at Woori Futures Co.

The Japanese yen rose slightly as well against the U.S. dollar after Bank of Japan (BOJ) chief Haruhiko Kuroda said policymakers were concerned about the impact of the yen's sharp decline on the country's economy.

The yen has traded at a seven-year low against the greenback as the BOJ earlier this month vowed to fight deflation.

Recently the yen weakened as Japanese Prime Minister Shinzo Abe called for early elections and decided to push back a consumption tax hike scheduled for next year in order to support the world's third-largest economy.

The won-yen exchange rate stood at 939.23 as of 1:45 p.m. up 1.21 won from the previous session's close.

South Korean currency authorities are increasingly concerned over the yen's fast slide which could undercut South Korean exporters' competitiveness in overseas markets. (QNA)

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