Seoul: Won posts biggest daily gain in 3 months; shares up

[SEOUL] The South Korean won posted the sharpest daily percentage rise in three months on Thursday after the US Federal Reserve signalled signalled it will raise rates at a slower pace than previously expected.

The won extended its gains late in the session, tracking the Japanese yen's rise.

The won was quoted at 1,107.1 to the dollar, up 1 per cent, the fastest daily percentage gain since March 19. At one point, the local currency had gained 1.1 per cent to 1,105.5, the highest level in two weeks.

The Korea Composite Stock Price Index (KOSPI) closed up 0.3 per cent at 2,041.88 points.

REUTERS