South Korean Won Climbs Despite Stronger U.S. Dollar

The South Korean won edged up slightly against the U.S. dollar on Tuesday, defying the broader strength of the greenback. At 3:30 p.m., the won was trading at 1,343.6 per dollar, marking a modest increase of 0.4 won from the previous trading session.

The won's rise came despite the U.S. dollar maintaining its momentum, as market expectations for a Federal Reserve rate hike this month diminished. The U.S. job market reported slower-than-anticipated growth in September, reducing the likelihood of a policy tightening by the Fed.

However, rising U.S. Treasury yields remained a focal point, with the 10-year yield surpassing 5.34 percent, the highest level since April 2002. This increase in yields could signal ongoing inflationary pressures or tighter monetary conditions.

Meanwhile, foreign investors sold a net 1.7 trillion won (US$1.27 billion) worth of South Korean stocks during the latest trading session. The benchmark Korea Composite Stock Price Index fell 0.89 percent to close at 6,941.39.