Seoul: Won weakens as Trump promises tax reform, stocks firmer

[SEOUL] The South Korean won finished at its lowest in a week on Friday, as the US dollar was supported by US President Donald Trump's promise to announce tax reform plans to lower the burden on businesses.

The won was quoted at 1,150.6 to the dollar at the conclusion of onshore trade, down 0.4 per cent compared to Thursday's close of 1,145.8.

The local currency shed 0.3 per cent for the week, snapping five straight weeks of gains.

South Korean shares, however, edged up as Wall Street firmed on Mr Trump's comments.

The Korea Composite Stock Price Index (Kospi) closed up 0.5 per cent at 2,075.08 points.

Foreign investors were net sellers, offloading 105 billion won (S$129.8 million) worth of Kospi shares for the day.

REUTERS