SEOUL (Thomson Financial) - The South Korean won closed higher against the
U.S. dollar after a volatile session on Friday,
recovering from a seven-day losing streak that dragged the local currency to
31-month lows.
Exporters decided to trim their dollar holdings ahead of a long weekend,
traders said. South
Korean financial markets will be closed on Monday for a public holiday.
The won staged a technical rebound ahead of the weekend, said Lee Tark-koo,
an analyst at KB Futures. "But the fall will likely resume anytime soon given
the imbalance in demand and supply conditions."
Traders said local oil refiners, whose strong demand for the dollar was the
main driving force for
the won's recent decline, continued to purchase the greenback to fund their oil
imports as crude oil prices swept past $124 a barrel.
The won closed trading at 1,044.70 to the dollar after tumbling as low as
1,052.80. On Thursday the won closed at 1,049.60, its weakest level since late
October 2005.
The South Korean currency had lost more than 5 percent against the dollar
since late April until Thursday.
eunkyung.seo@thomsonreuters.com
es/ms
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|