SEOUL, May 18 (Yonhap) — The South Korean won gained slightly against the U.S. dollar Monday amid renewed sell-offs by foreign investors in local stocks caused by the spread of risk-averse sentiment.
The won opened at 1,501.2 won per dollar, down 0.4 won from the previous session’s close.
Recouping some losses, the won was quoted at 1,500.3 won against the dollar as of 3:30 p.m., up 0.5 won from the previous session’s close.
Last Friday, the won was quoted at 1,500.8 won against the US currency, marking the first time since April 7 that the won broke psychologically important level of 1,500 to the dollar.
In recent days, the won has been under pressure due to stronger-than-anticipated U.S. inflation data and concerns over the U.S.-Iran war that has raised global oil prices.
U.S. President Donald Trump held summit talks in Beijing with Chinese President Xi Jinping last week, but provided no breakthroughs on foreign policy, including the ongoing standoff in the Middle East.
Earlier in the day, the benchmark Korea Composite Stock Price Index (KOSPI) added 0.31 percent to close at 7,516.04.
However, foreign investors remained net sellers of local stocks for the eighth consecutive trading session.
Foreign investors sold a net 3.6 trillion won (US$2.4 billion) worth of local stocks on Monday.
A currency exchange office in Myeongdong, downtown Seoul, is seen in this undated file photo. (Yonhap)
(END)
