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(Seoul=Yonhap Infomax) Ji Yeon Kim – The dollar-won exchange rate trimmed earlier losses and hovered in the mid-1,470 won range on Tuesday, as the US dollar index rebounded during intraday trading.
As of 13:58 KST on November 25, the dollar-won was quoted at 1,474.20 won, down 2.90 won from the previous session.
The pair opened at 1,475.20 won, 1.90 won lower than the previous close. Early in the session, the rate touched an intraday high of 1,477.00 won before extending losses to a session low of 1,470.60 won, as market participants took profits at perceived peaks.
However, the dollar-won pared some of its decline as the US dollar index turned higher during the session.
On Monday, South Korea’s foreign exchange authorities announced the formation of a four-party consultative body with the Ministry of Health and Welfare and the National Pension Service to stabilize the FX market. Market participants noted that uncertainty over potential intervention by authorities has made it difficult to establish a clear direction.
“The dollar-won is largely tracking the dollar index, but volatility remains elevated and the direction is not clear,” said a foreign exchange dealer at a local securities firm.
Key US economic indicators scheduled for release later tonight include the September Producer Price Index (PPI), Automatic Data Processing (ADP) weekly employment change, November Conference Board (CB) Consumer Confidence Index, and the November Richmond Federal Reserve Manufacturing and Services Indices.
In the currency futures market, offshore investors were net sellers of more than 11,000 dollar contracts.
The US dollar index rose to 100.24.
South Korea’s benchmark KOSPI index gained 0.12%, while foreign investors were net sellers of 44.9 billion won ($33.6 million) in the main board.
At the same time, the dollar-yen rate stood at 156.790 yen, down 0.033 yen from the New York close, while the euro-dollar was at $1.15153, down $0.00081.
The yen-won cross rate was 940.05 won per 100 yen, and the yuan-won rate was 207.73 won.
The offshore dollar-yuan (CNH) rate fell to 7.0953 yuan.
jykim2@yna.co.kr
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