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South Korean won down, traders suspect intervention
May 14, 2014 / 5:17 AM / in 3 years

South Korean won down, traders suspect intervention

SEOUL, May 14 (Reuters) - The South Korean won weakened against the dollar on Wednesday afternoon, erasing earlier small gains on talk of dollar-buying intervention by foreign exchange authorities aimed at taming the won’s strength.

The won was quoted at 1,026.50 per dollar at 0500 GMT, down 0.4 percent from Tuesday’s domestic close of 1,022.1. It had fallen as low as 1,030.0 in early afternoon when traders reported suspected dollar purchases by authorities.

The won has gained more than 3 percent against the dollar so far this year. (Reporting by Yena Park; Writing by Choonsik Yoo; Editing by Kim Coghill)

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