Investors were buying South Korean stocks more than they were selling, resulting in improving prospects for the nation’s economy and a rally of the won due to the inflow of capital.
According to the exchange data, speculators have invested $11.4 billion into South Korean shares since August 23, a record buying streak. It allowed the KOSPI index to reach the highest level in two years today. The won advanced, but the rally is in danger as policy makers signaled that they may intervene to curb excessive gains of the currency to protect exporters.
USD/KRW dipped from 1,063.0000 to 1,062.3099 as of 11:41 GMT today, reaching the low of 1,060.8450 intraday.
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