The South Korean won broke through the 1,500 won level against the dollar on the 8th, reaching its highest since May 29. Market participants noted that dollar selling related to SK Hynix's US depositary share issuance pushed the currency higher. The won rose 1 percent to 1,498.1 per dollar. SK Hynix began the process on the 6th for a US depositary share issuance expected to raise 43 trillion won, with a portion of the proceeds likely to be repatriated and converted into won. A senior official at South Korea's Ministry of Economy and Finance indicated that won demand from this US depositary share issuance would alter dollar-won supply and demand dynamics in the second half of the year.
SK Hynix IncSK Hynix's US depositary share issuance expected to raise 43 trillion won, a capital markets event.
Dollar selling related to SK Hynix's US depositary share issuance pushes won higher, strengthening KRW.