Won Hits 11-Month High as Dollar Weakness Continues

The South Korean won has reached an 11-month high against the U.S. dollar due to dollar selling by exporters and the dollar's weakness following a move by the U.S. Treasury Department.

The won was trading at 1,392.6 per greenback as of 3:30 p.m., up 5.1 won from the previous day's close.

This rise marks the strongest level since September 18 last year, when the won reached 1,384.1 per dollar.

The weakening dollar is also attributed to the Treasury Department's decision to double its planned purchases of long-dated bonds, which has reduced investor demand for dollars.