Seoul: Won ends lower, stocks recover on foreign buying

[SEOUL] The South Korean won fell against the greenback on Thursday after the government said it is closing watching the currency's movements, raising fears of intervention by the authorities.

The won was quoted at 1,092.6 to the US dollar at the conclusion of onshore trade, down 0.2 per cent compared to Thursday's close of 1,090.0.

The won has appreciated more than 7 per cent against the dollar so far this year, putting more pressure on exporters who are struggling with weak global demand.

South Korean shares reversed later in the session and the Korea Composite Stock Price Index (Kospi) closed up 0.1 per cent at 2,063.45 points.

Offshore investors turned to buyers and purchased a net 186.1 billion won (S$230.77 million) worth of Kospi shares, marking their fifth straight day of stock-buying.

REUTERS