Korean won rises past 1,100-level to dollar

SEOUL, Sept. 23 (Yonhap) -- The South Korean currency rose past the 1,100-level
against the U.S. dollar for the first time in about one year on Wednesday as
foreign investors bought Seoul shares amid recovery hopes, dealers said.

The local currency was trading at 1,196 won to the greenback as of 9:15 a.m., up
7.4 won from Tuesday's close. It was the first time that the Korean unit has
broken the 1,100-level to the dollar since Oct. 1, 2008.
The won's ascent came as offshore investors continued to buy Seoul stocks,
lending support to the Korean currency. Foreign investors bought a net 3.36
billion won (US$2.8 million) worth of Seoul shares on the main bourse as of 9:15
a.m.
On the back of their continued stock buying, the benchmark Korea Composite Stock
Price Index (KOSPI) surpassed the 1,700-point mark on Tuesday, the highest
closing in 15 months. The KOSPI traded in negative territory in early trading on
profit-taking.
sooyeon@yna.co.kr
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