Won Hits Five-Month High as Fed Holds Rates Steady

The Korean won strengthened to a new high against the US dollar on Thursday after the Federal Reserve kept interest rates steady for the fifth consecutive time.

The won was valued at 1,437.4 per dollar by 3:30 pm, marking its strongest level since February 26.

This gain came despite three Fed policymakers dissenting and calling for a rate hike, which raised speculation about potential future increases in interest rates.

The won's strength was also bolstered by foreign investors' net purchase of local stocks, with foreigners buying a net 1.3 trillion won ($900 million) worth of stocks during the latest trading session.