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Korean Exporters Increase Hedging After Won Reaches 6-Year High

South Korea’s exporters are buying more foreign exchange risk insurance after the won reached its strongest level in six years earlier this month.

Small- and mid-sized exporters bought as much as 27.1 billion won ($26.6 million) of foreign exchange risk insurance on June 9, when the won breached 1,020 to the dollar, compared with a daily average of 1.5 billion won in May, Oh Joo Hyun, director of the foreign exchange risk management team at Korea Export Insurance Corp., known as K-Sure, said in an e-mail.