The South Korean won has become one of the top four performers among major currencies against the U.S. dollar so far this year, data showed Friday, as a plunge in crude oil prices helped improve corporate earnings in the oil importing country.
The South Korean currency has gone up 1.93 percent to 1,082.20 won against the greenback in two weeks since starting off the year at 1,103.50 won, according to market data.
The won’s appreciation rate was the fourth largest among 26 currencies, while the Turkish lira gained the most against the U.S. dollar over the cited period at 2.15 percent, the data showed. The Japanese yen and the Indian rupee trailed in second and third place with 2.12 percent and 1.96 percent, respectively.
“The strong won is forecast to continue for the time being, and it’s very likely it will become a trend after March, when liquidity is anticipated to expand further,” said Kim Seung-hyun, an analyst at Daishin Securities.
The won’s advance comes as companies here are expected to see an improvement in their earnings on the back of falling crude oil prices. South Korea relies on imports to meet more than 90 percent of its energy demands. (Yonhap)
