Won Touches Seven-Month High on Report of Currency Talks With US
The South Korean won climbed to a seven-month high late Wednesday after local media reported the direction of the currency was discussed during trade talks with the US.
The currency rallied after Korea Economic Daily cited an unnamed government official as saying the US believes a relatively weak won is a fundamental cause of the Asian nation’s trade surplus. The talks are ongoing and nothing has been decided yet, Korea’s finance ministry said in a statement.