The currency of South Korea marked its top weekly losses since April on Friday amid indications that national banking officials might intervene, Bloomberg reports.
Though the won has climbed more than 12 percent during the past year, its performance this week was not so strong. High prices of oil are proving to be detrimental to carmakers in Seoul as a result of conflict in Iraq between the nation's armed forces and Sunni Islamic militants. The Middle Eastern nation is the second-biggest producing member of the Organization for the Petroleum Exporting Countries.
"Foreigners' buying of stocks is slowing, and there's caution against intervention," Strategist Son Eun Jeong with Woori Futures Co. told the news source on Friday. "The currency market receives steady inflows from exporter deals, but the extent of dollar sales is not strong."
The won dipped about 0.2 percent against the U.S. dollar on Friday. Its losses since closing last week amount to roughly 0.3 percent.
Reuters reports South Korean stocks also were losing value during the Friday trading session, tugging down the Korea Composite Stock Price Index roughly 1 percent this week.
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