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Exporter demand boosts Korean won gains

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Exporter demand boosts Korean won gains                                           

Bloomberg reports rumours are running rife that South Korea’s exporters are repatriating income to pay month-end bills. Additionally, there have been an increased number of investors interested in holdings of the nation’s equities. All this news combined has seen the country’s currency rise versus the dollar, the won rose by 0.2% to close at 1,024.55. Today, overseas investors also acquired as much as $161 million more Korean shares than they sold, bolstering July’s net purchases to $2.27 billion, according to exchange data.

Going for its best level since 2008, the MSCI Asia Pacific Index (MXAP) is indicative of the supposed easing of tensions sparked by the downing of a Malaysian passenger jet in Ukraine. The Kospi index also recorded its highest close of the year. Compared to the previous quarter, GDP also grew by as much as 0.7% in the three month period that followed, according to Bloomberg. The latest round of figures are due to be released on July 24th.

Speaking to Bloomberg, Seoul-based currency trader for Suhyup Bank Kim Mijung confirmed, saying that “Local exporters were selling dollars, and demand for the greenback slowed as the risk-off sentiment following the shooting down of the Malaysian jet eased.”

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.