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Korea’s won expected to remain steady

PUBLISHED : June 16, 2017 - 13:45

UPDATED : June 16, 2017 - 13:45

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[THE INVESTOR] Korea’s won currency is likely to remain steady for the time being, analysts here said on June 16.

The won has risen 6.9 percent against the US dollar so far this year, and the local currency market showed a muted reaction after the Fed raised interest rates by 25 basis points as expected.

The won’s strength was mainly due to the US dollar’s steady decline over uncertainties surrounding US President Donald Trump’s fiscal policy.

Kim Yu-mi, a researcher at Kiwoom Securities in Seoul, said the won’s upward pressure may rise because the US rate hike had little impact on markets.

Park Sang-hyun, a researcher at HI Investment & Securities, echoed the view, saying foreign investors may continue to pour money into the local stock market if the won’s value remains strong.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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