The South Korean won rose slightly against the dollar on Friday as dealers said foreign exchange authorities sold dollars for the local currency and after the central bank cut interest rates. The won found support from exporters' demand for settlements and as Seoul shares jumped despite lingering concerns over a slowdown in Asia's fourth-largest economy.
The local currency was quoted at 1,327.4/8.6 per dollar as, compared with Thursday's domestic close of 1,330.8. It slid to 1,367.9, the weakest since October 29 a day before the local currency posted its biggest daily percentage rise in 11 years on a $30 billion currency swap deal between South Korea and the United States.
The won, which fell 2.74 percent for the week, is down some 30 percent from the end of 2007, remaining one of the world's worst performers and limiting the economic policy options available for pro-business President Lee Myung-bak, who is still in his first year in office. But the South Korean unit is expected to weaken again amid persistent concerns about the impact of a looming global recession on the export-driven economy, analysts said.
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