S.Korea won trims gain after hitting near 6-year peak

Mon Jun 30, 2014 2:11am EDT

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SEOUL, June 30 (Reuters) - The South Korean won rose to a new nearly six-year peak against the dollar on Monday, as offshore funds and exporters chased the currency, but suspected dollar-buying by local foreign exchange authorities trimmed gains.

Prior to the suspected intervention verified by traders, the won hit as high as 1,010.8 per dollar during the session, the strongest level since July 31, 2008.

The local currency was quoted at 1,011.8 versus the dollar at the end of onshore trade, up 0.2 percent from Friday's domestic close at 1,013.4. It strengthened 4.3 percent for the first six months of this year, the most among Asian emerging currencies.

In the local stock market, the Korea Composite Stock Price Index (KOSPI) closed up 0.7 percent at 2,002.21 points on foreign capital inflows. The index shed 0.5 percent during the first half of the year.

Offshore investors positioned as net buyers by purchasing 190 billion won ($187.8 million) worth of KOSPI shares, bringing blue-chip exporters such as SK Hynix Inc 2.2 percent higher.

($1 = 1011.7000 South Korean won) (Reporting by Jungmin Jang; Editing by Jacqueline Wong)

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