Won Surges 125.4 Won Against Dollar in Largest Monthly Gain Since 2009

The South Korean won has posted its largest monthly gain since 2009 due to a surge in US dollar inflows following SK Hynix's American depositary receipt (ADR) offering on the Nasdaq.

According to foreign exchange data, the won appreciated by 125.4 won against the US dollar at 1,424 per dollar as of Friday, marking its strongest monthly performance since March 2009 when it strengthened by 150.5 won against the US dollar in the aftermath of the global financial crisis.

The currency has rebounded steadily after falling to a more than 17-year low of 1,599.2 won per dollar on July 1.

Market experts attribute the won's strength to heavy dollar inflows after SK Hynix converted proceeds from its ADR offering into the local currency, raising about 40 trillion won (US$26.5 billion) through its listing earlier last month.