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The Korean won is gaining ground against the U.S. dollar as growing bets for U.S. rate cuts and hopes for eased U.S-China trade tensions continue to weigh on the greenback.
The Korean won edged up 0.60 to close Tuesday at 1,155.90 against the dollar. The won finished Monday at 1,150.0, 1.5 higher from the previous session.
The greenback has slipped from two-year highs as weak U.S. economic activity and the U.S.-China trade war fueled expectations for rate cuts from the Federal Reserve.
The dollar has also declined amid expectations for a breakthrough in the trade talks between the leaders of China and the U.S. at the Group of 20 summit later this week.
The Korean won had sunk to 1,195 against the greenback in late May but gained more than 3 percent in less than month, rebounding sharply after the Fed signaled possible rate cuts as early as July.
Despite the continued upward pressure on the won, analysts expect future gains to be limited, citing the recent foreign selloff in Korea’s stock market. In May, foreign investors net sold 3.1 trillion won ($2.68 billion) of Korean shares after four straight months of net buying.
The benchmark Kospi finished Tuesday 0.25 percent lower at 2,121.11.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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