Won Falls to 1,473.5 Against Dollar on Foreign Stock Selling

The Korean won weakened against the U.S. dollar on Friday as foreign investors sold domestic stocks.

The won closed at 1,473.5 per dollar in the Seoul foreign exchange market, down 5.5 won from the previous day.

The currency opened stronger at 1,467.0 won, down 1.0 won, before turning higher during the morning session. It reached an intraday high of 1,474.2 won.

Foreign investors net sold 696.4 billion won ($472 million) worth of stocks on the Korea Exchange. Some market experts said dollar buying has not subsided as authorities have been slow to announce active stabilization measures.

The dollar index, which measures the greenback against six major currencies, rebounded slightly after falling for six consecutive trading days.

The won-yen cross rate rose 5.01 won to 948.85 won per 100 yen, compared with the previous day's 3:30 p.m. reference rate of 943.84 won.

The dollar traded at 155.37 yen, up 0.09 yen.