S.Korean won edges up amid intervention wariness

Tag : korean importers

SEOUL, July 11 (Reuters) - The South Korean won edged up against the dollar on Friday amid lingering caution overthe country's dollar-selling intervention despite importers buyingup the U.S. unit for settlements.
The foreign exchange authorities were seen unloading dollarsovernight to lift the one-month non-deliverable forward (NDF)contract for the won versus the dollar, dealers said.[ID:nSEO138876]
The won was quoted at 1,002.2/2.3 per dollar as of 0245 GMT,compared to Thursday's domestic close of 1,002.9 .
'Everybody is wary of intervention keeping the won firm, butimporters also continued to buy dollars,' said a local bank dealer.
Foreign exchange authorities, after declaring they would prop upthe won as a means to check imported inflation, have dumped some $7billion for the won in Seoul's spot currency market this weekalone, dealers said.
But higher oil prices and the continuous sales of local shares byforeign investors put pressure on the local currency, traders said.
Oil stayed firm on Friday in Asia after surging more than $6 in NewYork on news of Iran testing missiles for a second day and worriesabout the potential for more militant action in Nigeria.
Foreign investors sold a net 78.3 billion won worth of shares inSouth Korea's main exchange although the benchmark KOSPI<.KS11> rose 0.15 percent.
They dumped a combined net 6.74 trillion won during the previous 24consecutive sessions.

0245 GMT 0020 GMT prev close
Won 1,002.2/2.3 1,002.0/2.3 1,002.9
Yen/won 9.3609/20 9.3697/52 9.3878/23
KOSPI <.KS11> 1,539.69 1,538.60 1,537.43
(Reporting by Cheon Jong-woo; Editing by Jonathan Hopfner)

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