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S.Korean won posts 3-mth closing low on Fed rate hike fears; stocks recover
October 17, 2016 / 6:56 AM / a year ago

S.Korean won posts 3-mth closing low on Fed rate hike fears; stocks recover

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SEOUL, Oct 17 (Reuters) - The South Korean won fell to a three-month closing low on Monday as the dollar strengthened on the back of positive U.S. economic data, raising the possibility of a rate hike by the Federal Reserve in December.

The won was quoted at 1,137.9 per dollar at the conclusion of onshore trade, its lowest closing level since July 20. It was down 0.5 percent from Friday’s close of 1,132.1. The won fell as low as 1,143.6 during the session.

South Korean shares came off early lows to close higher as foreign investors accelerated buying towards the end of the session.

The Korea Composite Stock Price Index (KOSPI) closed 0.2 percent higher at 2,027.61.

Offshore investors bought KOSPI shares worth a net 291.2 billion won ($261.22 million), their third straight sessions of buying. (Reporting by Dahee Kim; Editing by Subhranshu Sahu)

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