South Korean Won Climbs on Record Reserves

The South Korean won strengthened today, reaching the highest level in more than two months after the nation’s foreign-exchange reserves climbed to the record level.

The nation’s reserves jumped to $285.96 billion in July from $274.22 billion in the month earlier. The reserves were boosted by the gains of the euro and the pound. The government announced that it’s going to take measures to stabilize the currency.

USD/KRW dropped to 1,171.50 from 1,172.40 today as of 8:48 GMT.

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