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Seoul: Won edges higher on dollar-selling ahead of Fed, stocks flat

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[SEOUL] The South Korean won finished higher on Wednesday as exporters and investors sold the dollar and booked profits before the US Federal Reserve's June policy decision later in the day.

The won was quoted at 1,123.9 to the US dollar at the conclusion of onshore trade, up 0.4 per cent versus Tuesday's close of 1,128.3.

The Fed is widely expected to raise interest rates at its meeting, but a sluggish dollar means Asian currencies are seen as less vulnerable to the risk of outflows than in the past.

South Korean shares ended weaker weighed by local institutions and foreign investors' selling of local equities.

The Korea Composite Stock Price Index (Kospi) closed down 0.1 per cent at 2,372.64 points.

The institutions sole a net 133.3 billion won (S$164.28 million) worth of Kospi shares and foreigners a net 34.9 billion won worth.

REUTERS

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