S. Korean currency jumps against U.S. dollar on global efforts

SEOUL, Oct. 14 (Yonhap) -- The South Korean currency jumped against the U.S. dollar on Tuesday due to growing hopes that global financial instability may not worsen amid stepped-up international efforts to avoid a crisis, dealers said.

The local currency was trading at 1,201.5 won as of 9:16 a.m., up 36.5 won from
the previous session's close. The Korean unit jumped 71 won to close at 1,238 won
against the greenback, marking gains for a third straight session.
The won has declined about 24 percent so far this year, putting upward pressure
on inflation.
Analysts said the won's sharp gain came as South Korea's key stock index leapt,
mirroring overnight gains on Wall Street. The benchmark Korea Composite Stock
Price Index (KOSPI) rose 5.07 percent to 1,353.88 as of 9:16 a.m. Foreign
investors snapped up a net 23.5 billion won ($19.5 million).
The U.S. Federal Reserve, the European Central Bank, the Bank of England and the
Swiss National Bank said they will pump as much U.S. dollars into commercial
banks as needed.
U.S. markets jumped on Monday on global efforts to ward off the financial
turmoil. The Dow Jones industrial average soared 11.08 percent and the
tech-dominated Nasdaq composite index surged 11.81 percent.