South Korean Won Surges to Strongest Monthly Gain Since 2009

The South Korean won has experienced its strongest monthly gain since March 2009, driven largely by a surge in U.S. dollar inflows into the country's foreign exchange market following SK hynix Inc.'s American depositary receipt (ADR) offering on the Nasdaq.

The won appreciated to 1,424 per U.S. dollar at 3:30 p.m. Friday, up 125.4 won from the end of June, according to foreign exchange data.

This monthly gain was the largest since March 2009, when the won strengthened by 150.5 won against the U.S. dollar in the aftermath of the global financial crisis.

Market experts attributed the won's strength to heavy dollar inflows after SK hynix converted proceeds from its ADR offering into the local currency.