The South Korean won climbed to its top value in about 180 days on Monday after the candidacy of a stimulus-friendly candidate for the top job with the U.S. Federal Reserve was strengthened, Bloomberg reports.
The monetary unit benefited from Vice Chair Janet Yellen with the Fed emerging as the lead candidate after former U.S. Treasury Secretary Lawrence Summers withdrew. Yellen is considered less inclined to slash stimulus measures than Summers. Also benefiting the won was strong economic data regarding South Korea.
"The won has held up very well, not just today but over the course of the last few weeks and the reason being that it's been supported by Korea's strong current-account position," foreign-exchange strategist Sim Moh Siong with the Bank of Singapore Ltd. told Bloomberg on Monday.
The won's gains on Monday were as high as 0.4 percent against the world's reserve currency. Thus far this quarter, the currency has advanced about 5.5 percent against its rival.
North and South Korea have resumed operations in the joint factory zone, according to Voice of America. That indicates the two countries are strengthening their relations after North Korea implemented missile and nuclear tests earlier this year.
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