SEOUL: The South Korean won rose against the U.S. dollar Wednesday on the back of the country’s record-high trade surplus in March and the greenback’s weakness against its major peers.
The local currency closed at 1,102.4 won per dollar, up 7.1 won from the previous session’s close, snapping a two-day loss. The won hit an intra-day high of 1,101.60 won at one point.
South Korea’s trade surplus reached a new monthly high in March despite a fall in exports as imports shrank at a faster rate, government data showed.
The country’s overall exports came to US$46.99 billion last month, down 4.2 percent from the same month last year, according to data compiled by the Ministry of Trade, Industry and Energy.
Imports plunged 15.3 percent on-year to $38.6 billion, resulting in a trade surplus of $8.39 billion. March marked the 38th consecutive month of surplus.
