S. Korean won edges up against U.S. dollar

SEOUL, Oct. 24 (Yonhap) -- South Korea's currency inched up against the U.S.
dollar on Friday as investors viewed its recent setbacks as excessive and market
mood improved on overnight advances in U.S. stocks, analysts said.
The local currency was trading at 1,407.45 won to the greenback as of 9:30 a.m.,
up 1.35 won from Thursday's close, after rising as high as 1,390 won at one
point. The early gains were pared as local stocks plunged. The nation's benchmark
KOSPI was down 2.34 percent.
The rebound came after the currency had lost more than 90 won over the past three
trading days despite the government's stepped-up measures to stabilize its
banking sector.
The government unveiled a US$130 billion bailout package on Sunday that
guarantees banks' foreign debts and injects dollars into cash-strapped financial
institutions.
U.S. stock rallies also boosted the won's value. The Dow Jones industrial average
jumped 2.02 percent on Thursday, though the tech-dominated Nasdaq composite index
closed down 0.73 percent.
Fears are growing that South Korea's economy might slip into a slowdown after the
nation's central bank earlier announced that its gross domestic product expanded
0.6 percent on-quarter in the July-September period, the slowest pace in 4 years.
kokobj@yna.co.kr
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