Korean Won Gains on Soft US Inflation Data

The Korean won gained ground against the US dollar on Friday following softer-than-expected inflation data from the United States.

According to the Korea Times, the won was quoted at 1,418.3 per dollar at 3:30 pm, up 1.1 won from the previous day's close of stock trading.

The US Producer Price Index rose by 4.7 percent year-over-year in July, a decrease from June's 5.5 percent increase.

As a result, market expectations of a rate hike by the Federal Reserve were reduced, contributing to the won's slight gain.