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Views Article – Sharenet Wealth

Asia, Forex

S.Korea authorities seen selling dollars to support won – dealers

SEOUL, Aug 2 (Reuters) – South Korea’s foreign exchange authorities were suspected of selling dollars to tame the won’s weakness on Friday afternoon, helping the currency cut some of its losses against the dollar, four dealers said.

The suspected intervention came as the won approached the psychologically important 1,200-per-dollar barrier and briefly sent it rebounding.

The won last traded at 1,196.1 per dollar, down 0.6% on the day, having fallen to 1,197.0, its weakest intraday level since January 2017. (Reporting by Yena Park Writing by Choonsik Yoo; Editing by Sam Holmes)


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