Won edges higher as SK Hynix’s U.S. listing prompts dollar selling
The South Korean won edged higher against the U.S. dollar on Tuesday, supported by SK Hynix’s dollar selling following its U.S. listing. As of 3:30 p.m. local time, the exchange rate was 1,415.9 won to the dollar, up 2.5 won from the previous session’s close and the won’s strongest level since Oct. 2 last year. The won opened at 1,415.9 and briefly rose to as high as 1,412.2 in afternoon trading. Analysts said the won’s recent rebound stemmed from a large inflow of dollar funds as SK Hynix converts proceeds from its American depositary receipt, or ADR, offering into South Korean currency. Earlier last month, SK Hynix raised about 40 trillion won, or $28.2 billion, through the ADR issuance. Most of the proceeds are planned for investment in South Korea. In the latest trading session, foreign investors made net purchases of 44.2 billion won in South Korean stocks. The Korea Composite Stock Price Index, or KOSPI, rose 0.73% to close at 6,345.53.
As of 3:30 p.m. local time, the exchange rate was 1,415.9 won to the dollar, up 2.5 won from the previous session’s close and the won’s strongest level since Oct. 2 last year.
The won opened at 1,415.9 and briefly rose to as high as 1,412.2 in afternoon trading.
Analysts said the won’s recent rebound stemmed from a large inflow of dollar funds as SK Hynix converts proceeds from its American depositary receipt, or ADR, offering into South Korean currency.
Earlier last month, SK Hynix raised about 40 trillion won, or $28.2 billion, through the ADR issuance. Most of the proceeds are planned for investment in South Korea.
In the latest trading session, foreign investors made net purchases of 44.2 billion won in South Korean stocks. The Korea Composite Stock Price Index, or KOSPI, rose 0.73% to close at 6,345.53.