Seoul: Won, stocks reach 2016 highs after Fed decision

[SEOUL] The South Korean won and the country's benchmark share index notched their highest closing levels in 2016 on Thursday as demand for risky assets revived after the Federal Reserve halved its outlook for rate hikes this year to two.

The local currency was quoted at 1,173.3 per US dollar at the conclusion of onshore trade, up 1.7 per cent compared to Wednesday's close of 1,193.3. It posted its biggest one-day per cent age gain since early Nov 2011.

The Korea Composite Stock Price Index (KOSPI) closed up 0.7 per cent at 1,987.99 points.

REUTERS