South Korean Won Hits 14-Month High as Exporters Cut Dollar Holdings

The South Korean won has reached its strongest level in 14 months against the U.S. dollar, rising to 1,350.4 won per dollar at 3:30 p.m. on Friday.

This is an increase of 8.9 won from the previous trading session's close and marks a fresh high since June 30 last year.

The won's rebound in recent weeks can be attributed to local exporters reducing their dollar holdings and SK hynix Inc. converting its U.S. listing proceeds into Korean currency.

Market traders also focused on expectations that Japan's financial authorities may intervene to support the yen, which has seen a significant gain this week.