A Hana Bank employee sorts U.S. dollar banknotes at the bank’s currency counterfeiting response center in Seoul, July 3. Yonhap
The Korean won has recovered from its weakest level since the Asian financial crisis, trading below the psychologically important 1,500-won-per-dollar level for the first time in three weeks, analysts said Wednesday.
The move was driven by easing foreign investor rebalancing and expectations of increased dollar inflows, they said.
Still, they cautioned that further gains in the won may be limited, with geopolitical tensions and the possibility of higher U.S. interest rates likely to keep the dollar supported.
The won closed at 1,555.8 per dollar on July 2, its weakest level since March 2009 based on onshore trading, according to the Seoul foreign exchange market.
