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Seoul: Won hits 2-week high; shares post best weekly gain in 11 months

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[SEOUL] The South Korean won firmed to a two-week high against the dollar on Friday as foreign buying of domestic equities bolstered the local currency, while the dollar was broadly weakened after tepid US economic data.

The won ended local trade up 0.5 per cent at 1,083.7 per dollar, its highest level since April 6. It closed at 1,088.9 on Thursday. The currency climbed 0.8 per cent this week.

The Korea Composite Stock Price Index (KOSPI) gained 2.6 per cent to post its sharpest weekly gain since May 16, rising for a sixth consecutive session. It was up 0.2 per cent at 2,143.50 points on Friday, the highest close since Aug. 1, 2011.

REUTERS