The South Korean won rose on Wednesday against the U.S. dollar, achieving its top increase in about seven days as speculation mounted that the exporters are set to benefit from exchange rates, according to Bloomberg.
The won's advance comes after three trade sessions of slippage when the monetary unit fell 1.7 percent against the world's reserve currency. During the second half of 2013, the won climbed 8 percent against the dollar. Some analysts believed the Bank of Korea was preparing to intervene to stabilize the won's performance.
"Exporters' dollar supplies have emerged after the dollar-won rate looked unable to breach the 1,070 resistance, and the exchange rate is heading lower because of this," a currency dealer told The Business Recorder on Wednesday. "The won fell sharply in recent sessions, so some rollback should be expected."
The won increased about 0.4 percent against the U.S. dollar after having pushed to its lowest rate in about eight weeks on Tuesday.
An uptick in dollar selling in South Korea also helped the won cut into its losses from earlier this week, The Business Recorder reports.
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