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Value of Korean won rises to 9-year high.
Feb 08, 2006
Value of Korean won rises to 9-year high against U.S. dollar Value of the Korean won strengthened to a 9-year high against the U.S. dollar Wednesday on continued inflows of foreign stock funds and better-than-expected economic growth.
The dollar closed at 968.90 won, up 6.6 won from the previous day, marking the lowest level since on Nov. 4, 1997, when it stood at 968.90 won. Dollar selling intensified as foreign investors remained net heavy buyers in the stock markets. Foreigners net-bought Korean stocks worth 1.62 trillion won over the past five days. Samsung Economic Research Institute also released a report, forecasting that the won-dollar rate will be traded at 960 won for this year in average.
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