South Korean won, shares end at highest level in 2016 on dovish Fed

SEOUL: South Korea's won and stocks recorded their highest levels in 2016 on Friday as the US dollar continued to struggle following the Federal Reserve's dovish stance on future rate hikes earlier this week.

The local currency was quoted at 1,162.5 to the dollar at the conclusion of onshore trade, its strongest closing level since Dec. 4 last year. The won was up 0.9 percent compared to Thursday's close of 1,173.3.

The Korea Composite Stock Price Index (KOSPI) recorded more modest gains due to profit-taking, closing up 0.2 percent at 1,992.12 points.