Korean Won Gains with Decrease of US Jobless Rate

The unexpected decline of the US unemployment rate last week bolstered the South Korean won by improving the outlook for the exports of the Asian nation.

The Bank of Korea reported today that the nation’s foreign-exchange reserves posted gains for the second month in January, climbing from $292 billion in December to the record $296 billion. The won also rose on the prediction that the Bank will raise the interest rates to slow the inflation that rapidly grows as the South Korean economy expands.

USD/KRW dropped from 1,114.0499 to 1,104.4500 as of 10:21 GMT today.

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