Won Hits Nine-Month High Amid Speculation of Joint Intervention

The Korean won has reached a nine-month high against the US dollar after suspected market-smoothing operations by the nation's foreign exchange authorities.

The won was quoted at 1,418 per dollar as of around 6 am on Friday, marking the strongest level since October 20 last year.

This appreciation is in line with a gain in the Japanese yen, which rose to about 158 per dollar in New York trading.

An analyst at KB Kookmin Bank speculated that both Korean and Japanese foreign exchange authorities might have intervened in the markets together.