The South Korean won rose on Thursday against the world's reserve currency, marking a third-straight day of advances against its cross-Pacific rival, according to Bloomberg.
Analysts and investors in South Korea were allayed by minutes of the March meeting of the policy-making arm of the U.S. Federal Reserve, which were released on Wednesday. The won notched its highest rate against the greenback since August 2008 after the Federal Open Market Committee minutes indicated borrowing costs and expenses will not increase any time soon. The minutes are scrutinized by investors and analysts to determine the denouement of U.S. Federal Reserve stimulus policy.
South Korean foreign exchange officials are increasingly concerned about the won's gains, according to Reuters. The monetary unit also pushed ahead against the greenback following stronger demand for the currency by exporters.
"Despite the strong dollar-short bids from offshore funds, suspected bids by the local authorities helped form resistance to stop further appreciation in the won," a currency dealer told Reuters on Thursday.
The South Korean won moderately gained about 0.1 percent against the U.S. dollar, touching its top value since August 2008.
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