Won Strengthens As Foreign Investors Buy South Korean Stocks

According to Yonhap, the South Korean won strengthened against the U.S. dollar on Tuesday as foreign investors stayed net buyers of local stocks. The currency was quoted at 1,474.3 won per dollar at 3:30 p.m., up 5 won from the previous session, after opening at 1,477.6 won and trading between gains and losses. At one point in afternoon trading, the won rose to 1,471.1 won per dollar, its strongest level since May 11. The currency also drew support as SK hynix Inc. converted part of the proceeds it raised through American depositary receipts on the Nasdaq market into won, analysts said. Foreign investors bought a net 295 billion won ($199 million) of local stocks on Tuesday, while the benchmark Korea Composite Stock Price Index jumped 3.56% to close at 6,474.95 points.