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Seoul: Won skids to 14-mth low; shares up on bargain-buying

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The South Korean won slipped to a 14-month low on Wednesday, dropping as much as 1 percent in the morning session before paring losses in late trade as exporters sold the dollar for settlements.

[SEOUL] The South Korean won slipped to a 14-month low on Wednesday, dropping as much as 1 percent in the morning session before paring losses in late trade as exporters sold the dollar for settlements.

The won was quoted at 1,096.0 to the dollar at the conclusion of onshore trade, compared to Tuesday's close of 1,091.6.

The currency fell to a session-low of 1,102.9, the first time it had broken through the psychologically important 1,100 level since September 2, 2013.

South Korean shares edged higher as bargain hunters picked up recent laggards including shipbuilders and petrochemicals.

The Korea Composite Stock Price Index (KOSPI) edged 0.22 per cent higher to close at 1,967.27 points.

REUTERS

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