SEOUL: The South Korean won rose slightly to hit a fresh 31-month high against the dollar early on Thursday but its gains were limited on caution after the government unveiled a plan to inspect banks over derivatives trade.
The finance ministry said the inspection was aimed at checking whether banks were abiding by existing regulations, but it could lead to reductions in ceilings on foreign exchange derivatives trade, such as non-deliverable forwards.
The won rose as high as 1,080.4 per dollar, its strongest since Sept. 8, 2008, from Wednesday's domestic close of 1,082.2.
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