Korean currency jumps to dollar amid intervention caution

SEOUL, Dec. 29 (Yonhap) -- The South Korean currency jumped against the U.S.
dollar Monday as market players turned cautious against foreign exchange
authorities' possible intervention to boost the won's year-end value amid thin
trading, dealers said.
The local currency was trading at 1,279.50 won to the greenback as of 9:21 a.m.,
up 19.5 won from the previous session's close, after jumping as high as 1,270 won
at one point.
The Korean currency gained ground for the third straight session with its value
falling about 27 percent to the greenback so far this year.
U.S. stocks edged up Friday after the government provided a lifeline to the
financing arm of troubled General Motors. The Dow Jones industrial average added
0.56 percent, and the tech-dominated Nasdaq composite index gained 0.35 percent.
But South Korea's key stock index was trading weaker, limiting the won's gain.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 1.28 percent to
1,103.54 as of 9:21 a.m.
sooyeon@yna.co.kr
(END)