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Seoul: Won weaker as US dollar in driver's seat; stocks shaky

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[SEOUL] The South Korean won fell against the US dollar for the seventh straight session early on Friday, as the broadly bullish outlook for the US economy kept the greenback's rivals pressured.

The won was quoted at 1,203.8 as of 0201 GMT, down 0.4 per cent compared with Thursday's close of 1,199.1.

South Korean shares was subdued with the Korea Composite Stock Price Index (Kospi) almost flat at 2,036.52 points.

Jeon Seung-ji, a foreign exchange analyst at Samsung Futures said, the currency could pare its losses if foreign exchange authorities act to smooth one-sided movement since trading volumes aren't that high.

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"Therefore, sudden falls beyond current level is not expected at least for today's session," added Mr Jeon.

The US dollar has been on a tear since Donald Trump's election victory last month, driven by soaring Treasury yields on expectations the incoming administration will boost fiscal spending, and set US growth on a higher gear.

Offshore investors were set to be small net sellers of Kospi shares near mid-session.

Tech giant Samsung Electronic Co Ltd lost nearly 1 per cent while automobile manufacturer Kia Motors Corp gained 1 per cent.

March futures on three-year treasury bonds were steady at 109.57.

REUTERS

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