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South Korea Won Gains for Third Day as Fed Minutes Weaken Dollar

South Korea’s won advanced for a third day, touching the highest level since August 2008, as minutes from the Federal Reserve eased concern about the timing of interest-rate increases, weakening the dollar.

The won pared earlier gains as importers bought the greenback and after local authorities warned against herd behavior in the currency market. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, fell for a fifth day. Several Fed policy makers said a rise in their median projection for the main interest rate exaggerated the likely speed of tightening, according to minutes released yesterday of the U.S. central bank’s March meeting.