The Korea Times
The Korean won climbed above the 1,560-per-dollar mark in overnight trading Friday and early Saturday, reaching its highest level in 17 years as a stronger dollar and continued foreign selling weighed on the currency. The won rose as high as 1,561.5 per dollar in overnight trading before closing at 1,559.0, according to Seoul foreign exchange market data. The intraday high marked the strongest level for the dollar against the won since March 2009. The currency had already surged to 1,549.1 per dollar during regular trading Friday before ending the daytime session at 1,539.1. It then accelerated sharply after the release of stronger-than-expected U.S. employment data, breaking through the psychologically significant 1,550 and 1,560 levels in succession. Market watchers attributed the latest surge to a combination of factors, including a stronger dollar, continued foreign selling of Korean equities and concerns over the economic impact of the prolonged conflict in the Middle East. The U.S. jobs report reinforced expectations that the Federal Reserve could keep interest rates elevated for l
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