Won Weakens Slightly Against Dollar As Foreigners Sell Korean Stocks

According to Yonhap, the South Korean won weakened slightly against the U.S. dollar Monday as overseas investors remained net sellers of local stocks. The currency was quoted at 1,468.5 won per dollar at 3:30 p.m., down 1.9 won from the previous session, after opening at 1,459.9 won per dollar as tensions in the Middle East eased with the U.S. and Iran reportedly halting military strikes. Foreign investors sold a net 2.1 trillion won ($1.9 billion) worth of local stocks on Monday, while the benchmark Korea Composite Stock Price Index gained 1.9% to close at 6,755.75 points. Moon Jung-hee, an economist at KB Kookmin Bank, said the won appeared to be under pressure after its recent short-term appreciation.