Markets

South Korean won touches 5-week high on firmer yen; shares fall

Published December 16, 2014 Updated December 16, 2014 07:12am

1 min

By Shoaib Ur Rehman

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SEOUL: The South Korean won climbed to a five-week high against the dollar on Tuesday, with the greenback being dragged by safe-haven moves to the yen as well as caution ahead of a Federal Reserve policy meeting starting later in the day.

The won was quoted at 1,086.7 to the dollar at the conclusion of onshore trade, compared to Monday's close of 1,099.1.

South Korean shares fell, closing just barely above a 2-month low as a relentless plunge in oil prices underscored sluggish growth and deflation risks faced by the global economy.

The Korea Composite Stock Price Index (KOSPI) fell 0.9 percent to close at 1,904.13 points.

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