February 10, 2017 / 6:55 AM / 9 months ago

S.Korean won weakens as Trump promises tax reform, stocks firmer

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SEOUL, Feb 10 (Reuters) - The South Korean won finished at its lowest in a week on Friday, as the dollar was supported by U.S. President Donald Trump’s promise to announce tax reform plans to lower the burden on businesses.

The won was quoted at 1,150.6 to the dollar at the conclusion of onshore trade, down 0.4 percent compared to Thursday’s close of 1,145.8.

The local currency shed 0.3 percent for the week, snapping five straight weeks of gains.

South Korean shares, however, edged up as Wall Street firmed on Trump’s comments.

The Korea Composite Stock Price Index (KOSPI) closed up 0.5 percent at 2,075.08 points.

Foreign investors were net sellers, offloading 105 billion won ($91.4 million) worth of KOSPI shares for the day. (Reporting by Dahee Kim; Editing by Jacqueline Wong)

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