Korean currency top performer against dollar this year

Published : Mar 2, 2017 - 09:32 Updated : Mar 2, 2017 - 09:32

South Korea's won has risen more than 6 percent against the US dollar this year, the best performer among major currencies, data showed Thursday.

The won was last traded at 1,133.7 per dollar on Monday, up 6.1 percent from the end of last year, according to the Korea Center for International Finance.

This undated file photo shows a board for foreign exchange rates at a South Korean bank. (Yonhap)

It marks the biggest gains among the world's currencies during the two-month period.

The dollar has been largely on the decline in recent weeks as President Donald Trump raised concerns over a strong dollar.

But market watchers expect possible swings in the dollar's value, with the Fed set for a regular rate-setting meeting in the middle of this month.

"Although the financial market forecasts two or three US rate increases this year, there is a possibility of three or four rate hikes," Kim Il-koo, a Hanwha Investment & Securities analyst, said.

Some Fed officials indicated support for early rate hikes amid a series of positive economic data.

But Kim Jie-hyung, a Hanyang Securities researcher, said the US expected to jack up the rate in the second half of this year.

The Trump administration's fiscal expansionary policy has yet to be materialized, Kim pointed out. (Yonhap)