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S.Korean won drops to near 4-mth low as dollar demand rises
July 6, 2017 / 6:56 AM / 5 months ago

S.Korean won drops to near 4-mth low as dollar demand rises

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SEOUL, July 6 (Reuters) - The South Korean won extended losses and finished near a four-month low on Thursday as demand for the greenback increased against most Asian currencies following Federal Reserve minutes, which broadly supported expectations for an interest rate hike.

The won was quoted at 1,157.4 to the dollar at the conclusion of onshore trade, down 0.6 percent compared to Wednesday’s close of 1,150.5. It was the lowest closing level since March 10.

South Korean shares wobbled in and out of negative territory as the volume of local equities sold by domestic institutions offset offshore purchases.

The Korea Composite Stock Price Index (KOSPI) ended flat at 2,387.81 points.

Domestic institutions sold a net 399.2 billion won ($345.09 million) worth of KOSPI shares while foreigners bought a net 217.5 billion won worth. (Reporting by Dahee Kim; Editing by Sam Holmes)

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