South Korea’s won strengthened, approaching an eight-month high, on speculation exporters are repatriating dollars to meet month-end cash needs. Government bonds declined.
Daewoo Shipbuilding & Marine Engineering Co. got a 572.8 billion won ($534 million) order to build a large jack-up rig for Denmark’s Maersk Drilling, the company said in a regulatory filing yesterday. The won appreciated 6.9 percent this quarter, Asia’s best performance, as global funds added almost $9.4 billion to their holdings of equities in the period, exchange data show.
“There are dollar supplies from shipbuilders and other exporters as the end of month draws near,” said Park Jung Hyun, a Seoul-based currency dealer at Hana Bank. “The won’s rising trend remains in place, though the government may smooth out any sharp gains.”
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