Won hits six-week high against U.S. dollar

SEOUL, Dec. 18 (Yonhap) -- The South Korean won rose to a six-week high on Thursday, extending its gains for a fourth consecutive day as overseas investors continued to buy local stocks, dealers said.

The won finished at 1,292.00 won versus the dollar, up 33 won from Wednesday's
close. It marks the first time the won has risen above 1,300 against the dollar
since Nov. 5, when it was quoted at 1,266.
The Korean currency rose to as high as 1,289.90 won in early trading, but
retreated later on bargain hunting for the greenback.
The won remained firm due to the steady buying of South Korean stocks by foreign
investors following a historic interest rate cut by the U.S. Federal Reserve this
week.
"A rally in the local stock market fueled the won's strength," a dealer said.
South Korea's benchmark stock index gained 0.5 percent to close at 1,175.91 on
Thursday, the highest level since Nov. 5.
The Federal Reserve cut its benchmark rate to as low as zero on Tuesday,
underscoring worsening conditions in the U.S. economy.
The won, one of world's worst-performing major currencies, has shown signs of
stabilizing recently.