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S.Korean won falls on talk of intervention, stocks edge down
May 20, 2014 / 6:17 AM / 4 years ago

S.Korean won falls on talk of intervention, stocks edge down

(For the midday report, please click )

SEOUL, May 20 (Reuters) - The won snapped a three-session winning streak to fall slightly on Tuesday as traders reported of dollar-buying intervention by the South Korean authorities to contain the won’s strength.

The won fell by half a percent in just five minutes of trading in the afternoon on what traders suspected were dollar purchases on behalf of the authorities.

It ended local trade at 1,025.3 per dollar, down 0.3 percent from Monday’s 1,022.0, after having fallen as low as 1,027.9.

On Seoul’s main stock exchange, the Korea Composite Stock Price Index (KOSPI) closed down 0.2 percent at 2,011.26 points on selling by local institutions, but foreign investors were net buyers for a sixth consecutive session. ($1 = 1021.9500 Korean Won) (Reporting by Jungmin Jang; Editing by x)

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