The South Korean won strengthened sharply against the U.S. dollar on July 3 as weaker U.S. employment growth reduced expectations of a Federal Reserve rate hike.
The won closed at 1,525.6 per dollar at 3:30 p.m. on July 3, up 30.2 won from the prior session. This marked its strongest level since June 17.
It opened at 1,544.5 won per dollar, gaining 11.3 won, after U.S. employment data came in weaker than expected and tempered forecasts for a rate increase this year.
Foreign investors sold a net 2.2 trillion won worth of local stocks. The benchmark KOSPI index rose nearly 6 percent to close at 8,088.34. The yen's strength against the dollar also supported the won's gains.
