Korean won rises past 1,100-level to dollar

The South Korean currency rose past the 1,100-level against the U.S. dollar for the first time in about one year on Wednesday as foreign investors bought Seoul shares amid recovery hopes, dealers said, according to Yonhap News.

The local currency was trading at 1,196 won to the greenback as of 9:15 a.m., up 7.4 won from Tuesday`s close. It was the first time that the Korean unit has broken the 1,100-level to the dollar since Oct. 1, 2008.

The won`s ascent came as offshore investors continued to buy Seoul stocks, lending support to the Korean currency. Foreign investors bought a net 3.36 billion won (US$2.8 million) worth of Seoul shares on the main bourse as of 9:15 a.m.

On the back of their continued stock buying, the benchmark Korea Composite Stock Price Index (KOSPI) surpassed the 1,700-point mark on Tuesday, the highest closing in 15 months. The KOSPI traded in negative territory in early trading on profit-taking.