South Korean Won Jumps To 4-day High Against Dollar And Yen

In Asian deals on Monday, the South Korean won edged up to a 4-day high against its U.S. and Japanese counterparts despite a fall in regional stocks.

The South Korean stock market is trading weak today with investors resorting to some heavy selling in technology and bank stocks. Oil and steel stocks are also seen exhibiting weakness.

The benchmark KOSPI index, which fell to 1,610 in early trades, has recovered some lost ground on strong buying in automobile and shipbuilding stocks, but still remains in the red with a sharp loss. At 1,6414.02, the KOSPI is currently down 30.87 points or 1.9% from its previous close.

The South Korean won that closed last week's trading at 13.1890 against the yen strengthened to a 4-day high of 13.0250 in early Asian deals on Monday. If the won gains further, it may find resistance around the 12.623 level.

During early Asian deals on Monday, the South Korean won jumped to a 4-day high of 1169.05 against the US dollar. The next upside target level for the Korean currency is seen at 1166.6. At last week's close, the dollar-won pair was quoted at 1182.35.

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