Won Hits 14-Month High Against Dollar Amid Yen Strength

The Korean won has reached its highest point against the US dollar in nearly 14 months. On Thursday, the won-dollar exchange rate was quoted at 1,359.3 won per dollar at 3:30 p.m., up 9.4 won from the previous close.

This marks the first time since July 3 last year that the won has strengthened past the level of 1,360 per dollar.

The won's advance is attributed to market expectations that Japan's financial authorities may intervene to support the yen, which rose to its highest level since August 7. Local exporters are also selling dollars as the US currency remains weak ahead of a US employment report.