Korean Won at Six Year High

The won reached a six-year high and was set for its biggest quarterly advance in three as the dollar weakened and South Korea’s current-account surplus widened.

The currency rose 0.1 percent to 1,012.24 per dollar as of 10:28 a.m. in Seoul, data compiled by Bloomberg show. It earlier reached 1,012.15, the highest since August 2008. The won’s 5.2 percent jump this quarter is the best among 31 major currencies.

The Bloomberg U.S. Dollar Index closed at a seven-week low on June 27 and is down 1.1 percent since March 31 as signs of slowing U.S. economic growth spurred speculation the Federal Reserve will hold interest rates at a record low for longer. The excess in South Korea’s broadest measure of trade was $9.3 billion in May, the most since October, central bank data showed last week.

Bloomberg

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