S.Korean won surges to rebound from 5-wk low on U.S. data; shares high

SEOUL, Feb 13: The South Korean won rallied more than 1 per cent on Friday after falling to a five-week low in the previous session, reflecting broad weakness in the dollar after a batch of worse-than-expected U.S. economic data.    The won was fetching 1,097.0 to the dollar at the conclusion of onshore trade, compared to 1,110.7 quoted at the end of Thursday’s session.
The local currency extended gains on stop-loss selling in the dollar and exporter demand for settlement ahead of a long holiday break next week.
South Korean shares rose as risk appetites were whetted by reports of a ceasefire in Ukraine as well as hopes for a debt agreement between Greece and its international creditors.    The Korea Composite Stock Price Index (KOSPI) gained 0.82 percent to close at 1,957.50 points.
(AGENCIES)