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Won Marching to 2008 High as Tension Eases, Citigroup Says

  • Dollar was overbought last year on North Korean tensions
  • Bank of Korea may raise rates in first half, Citi’s Um says
A sheet of South Korean 50,000 won banknotes is seen at the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) factory in Geyongsan, South Korea, on Friday, May 29, 2015. 

Photographer: SeongJoon Cho/Bloomberg

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The won, Asia’s best-performing currency last year, may find little standing in its way to a 2008 high, according to Citigroup Inc.

The currency will benefit from a buoyant global economy, while dollar strength will be limited, according to David Um, the managing director of the markets group at Citibank Korea Inc. Meanwhile, North Korea-related tensions will likely have a limited impact unless something unprecedented happens, he said.