Won Soars to Near One-Year High as Dollar Hits Multi-Month Lows

The South Korean won reached its strongest level since mid-September last year, hitting as high as 1,376.5 per dollar on Monday.

This surge is attributed to a combination of external factors and domestic developments, including the US Treasury's announcement to double buyback sizes for long-duration debt in an attempt to curb rising bond yields.

According to Christopher Wong, a forex strategist at OCBC, exporter and corporate USD selling have provided support to the won alongside the softer broader USD.

The Taiwan dollar also strengthened, reaching as high as 31.779 per US dollar, while the Thai baht firmed up to a mid-June high of 32.58 per dollar.