SEOUL: The South Korean won rebounded from a five-week low against the dollar on Friday, garnering support from a stronger yen and reflecting broad dollar weakness after a set of lacklustre US economic data.
The local currency was quoted at 1,099.7 to the dollar as of 0200 GMT, compared to 1,110.7 seen at the end of Thursday’s session.
The dollar was hit by Thursday’s data showing weaker-than-expected US retail sales and jobless claims, which took some of the shine off recent optimism surrounding the world’s largest economy.
Further support was provided by a stronger yen which dampened the risk of market intervention by financial authorities to keep the won’s strength in heck, allowing investors to chase the local currency with more comfort.
The yen/won cross rate was sitting at 9.2419, moving further away from the perceived danger threshold of 9.1.
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