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Seoul: Won firms to 5-month high, shares slip on profit-taking
[SEOUL] The South Korean won closed at the strongest in five months on Monday as the greenback continued to slip after the Federal Reserve last week stuck to a gradual pace policy tightening, disappointing some who had expected it to raise rates more quickly.
The won was quoted at 1,120.1 to the dollar at the conclusion of onshore trade, the strongest level since the currency touched 1,118.90 on October 20 last year, and up 0.95 per cent compared to Friday's close of 1,130.90.
South Korean shares declined on profit-taking.
The Korea Composite Stock Price Index (KOSPI) closed down 0.4 per cent at 2,157.01 points, after a reaching a near two-year high last week.