Arab Today, arab today value of korean won sees highest growth among 40 currencies
Last Updated : GMT 20:29:46
Arab Today, arab today
Arab Today, arab today

Value of Korean won sees highest growth among 40 currencies

Arab Today, arab today

Arab Today, arab today Value of Korean won sees highest growth among 40 currencies

Seoul - QNA

The South Korean won has recently advanced the mostagainst the U.S. dollar among major currencies thanks to its continued currentaccount surplus, market watchers said Tuesday.In April alone, the local currency strengthened 3.05 percent against the greenback,the biggest appreciation among the world’s 40 major currencies, according to thewatchers.On Friday, the South Korean currency finished at 1,030.33 won to the dollar, thehighest level in nearly six years.The won’s recent appreciation against the greenback is attributable mainly to SouthKorea’s prolonged current account surplus, according to analysts.South Korea’s current account surplus reached its highest mark in five months inMarch as exports of tech products, cars and chips gathered ground.The surplus reached US$7.35 billion in March, up from a revised $4.5 billion inFebruary, according to the Bank of Korea (BOK). The current account is the broadestmeasure of cross-border trade.The March data marked the largest surplus since $11.1 billion tallied in October2013, and the 25th straight month of surplus, providing a buffer for Asia’s fourth-largest economy as the U.S. Federal Reserve tapers its quantitative easing.

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