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Seoul: Won falls to 5-week low on USD strength after US data
[SEOUL] The South Korean won ended at a five-week low on Friday as investors anticipated the US dollar to remain strong following firm jobs data that could increase the chance of another US interest rate hike before long.
The won was quoted at 1,134.1 to the US dollar at the conclusion of onshore trade, the weakest since May 10. It was down 0.9 per cent compared to Thursday's close of 1,124.1.
The currency touched as low as 1,138.2 . A trader said one factor pushing it down was US dollar purchases by the National Pension Service.
For the week, the won declined nearly one per cent, marking a third straight week of losses.
South Korean shares were flat with the Korea Composite Stock Price Index (Kospi) closing at 2,361.83 points.
The index, which had risen eight weeks in a row, was down 0.8 per cent this week.
Offshore investors sold a net 149.8 billion won (S$183.42 million) of Kospi shares for the day.