The currency of South Korea reversed five consecutive days of losses against the world's reserve currency on Thursday after China stated its intention to expand development, Bloomberg reports.
Also benefiting the won on Thursday was the policy decision of the U.S. Federal Reserve, whose leader announced on Wednesday afternoon the body is slashing monthly asset purchases by $10 billion. Chair Janet Yellen also suggested the Fed intends to leave interest rates low in a press conference after the Federal Open Market Committee (FOMC) concluded two days of meetings.
"The global markets were relieved after the FOMC meeting, knocking some more wind out of the dollar across the board," Strategist Jeon Seung Ji with Samsung Futures Inc. in Seoul told Bloomberg on Thursday. "Further gains in the won seem to be limited because of intervention fears."
The won rose about 0.4 percent on Thursday against the U.S. dollar after enduring losses of 0.7 percent during the past five days.
Reuters reports the won's five-day slump marks the monetary unit's lengthiest bearish trend since the middle of this past January.
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