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South Korean Won Rises, Reverses Gains

July 29, 2013 at 19:30 by Vladimir Vyun

10,000-wonThe South Korean won rose today before falling later as exporters were converting their earnings to the local currency. Worsening manufacturing conditions prevented the won from rallying too much and led to eventual decline.

Exporters were selling dollars as the end of the month is nearing and this allowed the won to rally. Gains were limited, though, as importers were buying dollars at the same time. The report from the Bank of Korea that showed decline of confidence among manufacturers did not help the currency either.

USD/KRW fell from 1,111.7550 to 1,112.6000 as of 19:30 GMT today.

If you have any questions, comments, or opinions regarding the South Korean Won, feel free to post them using the commentary form below.

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