Korean won rises to highest level against greenback in 5 yearsUpdated: 2014-05-08 03:40:37 (KST)
Fresh off of a four-day holiday weekend, the Korean won soared to its highest level against the U.S. dollar in nearly six years Wednesday on strong exports and the weakening greenback.
Finishing the trading day at more than 1,22 won, which is up nearly 8 won from last Friday the won's gain comes as the U.S. dollar depreciated against major currencies on weaker-than-expected economic growth in the first quarter.
Analysts also attribute the won's recent appreciation to Korea's prolonged current account surplus.
Global investment banks expect the won to remain strong against the dollar for now as Seoul currently allows for the won's appreciation.
There is speculation, however, that authorities may intervene to prevent the won from breaching the 1,20 level.
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