South Korean won falters on firm US dollar, stocks down

SEOUL: The South Korean won dropped on Wednesday as risk aversion stemming from escalating geopolitical tensions in Ukraine and broad dollar strength pressured the local currency.

The won was quoted at 1,033.7 against the dollar at the end of onshore trade, down 0.5 percent from Tuesday's local close at 1,028.2.

South Korean shares were also dragged down by concerns over Ukraine and profit-taking from institutions in afternoon trade, leaving the Korea Composite Stock Price Index (KOSPI) down 0.3 percent at 2,060.73 points.

Institutions dumped a net 123.2 billion won ($119.21 million) worth of KOSPI shares after they turned net sellers past midday.