South Korean won hits 1-week high; shares rise for 5th straight day

[SEOUL] The South Korean won climbed to a one-week high against the dollar on Thursday as the dollar weakened after disappointing US output data reinforced expectations that the Federal Reserve would bide time before raising interest rates.

The won ended local trade up 0.7 per cent at 1,088.9 per dollar after touching as high as 1,087.5 to hit the strongest intraday level since April 7.

The Korea Composite Stock Price Index (KOSPI) rose for a fifth consecutive session, having jumped 3.9 per cent during the period. It was up 0.9 per cent at 2,139.90 points on Thursday, the highest close since Aug 1, 2011.

REUTERS