The South Korean won strengthened to its highest level in nearly 10 months at 1,414.55 per dollar, as exporters accelerated converting dollar revenues back into won. In particular, SK Hynix is set to bring home 26.5 billion dollars raised from a US share sale for domestic investment. The won has gained more than 9 percent this quarter, making it the best-performing currency in Asia, a sharp turnaround from the first half when it was the region's worst performer with a decline of around 7 percent. An economist at Woori Bank noted that dollar selling by exporters still outweighs dollar buying when the currency strengthens, and expects the won to trade in a range of 1,410 to 1,440 per dollar in the near term.
SK Hynix IncSK Hynix brings home $26.5B from US share sale for domestic investment, supporting won and reflecting strong capital position.
Won strengthens to 10-month high as exporters sell dollars, including SK Hynix's $26.5B repatriation.
