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S.Korean won steady amid interventions, logs monthly gain
May 30, 2014 / 6:12 AM / 4 years ago

S.Korean won steady amid interventions, logs monthly gain

(For the midday report, please click )

SEOUL, May 30 (Reuters) - The South Korean won closed little changed on Friday, as two rounds of suspected dollar-purchasing intervention by local foreign exchange authorities offset robust month-end demand by exporters.

Interventions by local authorities were spotted at market opening and past midday when the won strengthened above the 1,020 level.

The local currency was quoted at 1,020.1 versus the dollar at the end of onshore trade, compared with Thursday’s close at 1,020.6.

On a monthly basis, the won strengthened 1.3 percent, logging its third consecutive month of gains.

Meanwhile, local stocks fell in a broad sell-off with the Korea Composite Stock Price Index (KOSPI) closed down 0.9 percent at 1,994.96 points. The index rose 1.7 percent for the month.

Foreign investors offloaded a net 12.9 billion won ($12.64 million) of shares, according to preliminary figures by the bourse operator, snapping their 13-day net buying streak. ($1 = 1020.6000 Korean Won) (Reporting by Jungmin Jang; Editing by Kim Coghill)

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