Won gains to 5-month high
The Korean won gained its value sharply against the greenback on Friday, reaching the 1,390 won range for the first time in five months during after-hours trading.
The won against the dollar strengthened to 1,397.2 won at around 18:42 p.m., gaining value by 30 won from 1,426.9 won, the closing price of the previous after-hours trading session. Its value per dollar stood at 1,393.27 won as of 9:50 p.m.
The won's appreciation came amid the gain of the Chinese yuan. With China indicating a softening on its position in holding trade talks with the US administration, Asian currencies, including the Chinese yuan, gained value. The local won is treated as a proxy of the Chinese currency.
Pressure on the selling side of the dollar increased as well, ahead of the holidays of major Asian economies.
The local currency closed daytime trading with its value per dollar at 1,405.3 won. It was the strongest valuation of the won in terms of the daytime closing price since the market wrapped up at 1,402.9 won on Dec. 3, shortly before the currently ousted-President Yoon Suk Yeol declared martial law.
The currency trading remained volatile, pricing in investor concerns on Korea's political uncertainty, after former Finance Minister Choi Sang-mok stepped down from his post during the National Assembly's impeachment vote on him.
It fluctuated by 34.7 won during daytime trading, marking the largest fluctuation since the 37.4 won move on Nov. 11, 2022.
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