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Seoul: Won hits 2-yr low after Yellen talk; shares close at 2-wk high


[SEOUL] The South Korean won slid to a near two-year low against the dollar on Thursday after Federal Reserve Chief Janet Yellen increased expectations of a US rate hike this year.

The won closed local trade down 0.5 per cent at 1,143.6 against the dollar after falling to 1,150.4, the weakest since July 8, 2013.

The Korea Composite Stock Price Index (KOSPI) was up 0.7 per cent at 2,087.89 points, marking its highest close in two weeks, bolstered by a rise by market heavyweight Samsung Electronics Co Ltd.

Samsung Electronics gained 3.8 per cent to 1,282,000 won, its strongest close since July 3.