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S.Korea won rises as China moves to stabilise yuan; shares down
September 1, 2015 / 6:21 AM / 2 years ago

S.Korea won rises as China moves to stabilise yuan; shares down

(For the midday report, please click )

SEOUL, Sept 1 (Reuters) - The South Korean won closed higher against the dollar on Tuesday, in the wake of China’s latest move to stabilise the yuan by tightening rules on trading of currency forwards from October.

After the won approached a level of around 1,170, dealers suspected dollar-buying smoothing operations by foreign exchange authorities to trim the currency’s rise.

The won ended domestic trade up 0.9 percent at 1,171.8 against the dollar after rising as much as 1.1 percent to 1,170.0, the strongest since Aug. 13.

On the stock market, the Korea Composite Stock Price Index (KOSPI) closed down 1.4 percent at 1,914.23 points.

Net foreign selling on the main board extended to the 19th consecutive session, the longest spree since July 2008. During the 19 sessions, foreigners sold a net 4.17 trillion won ($3.56 billion) worth of main board shares, preliminary data showed. (Reporting by Yeawon Choi; Additional reporting by Kyungho Lee; Editing by)

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