The South Korean won rallied on Monday to a two-year high, supported by weaker oil prices and heavy dollar selling by domestic corporates. The won rose as much as 0.8% to 1,333.30 per dollar after markets reopened following a three-day holiday, before trimming gains to 0.5%; most Asian currencies also strengthened. Market participants say exporters—particularly semiconductor firms—are continuing to sell dollars, which should keep providing support, though liquidity was light. The won has gained

The South Korean won rallied on Monday to a two-year high, supported by weaker oil prices and heavy dollar selling by domestic corporates. The won rose as much as 0.8% to 1,333.30 per dollar after markets reopened following a three-day holiday, before trimming gains to 0.5%; most Asian currencies also strengthened. Market participants say exporters—particularly semiconductor firms—are continuing to sell dollars, which should keep providing support, though liquidity was light. The won has gained 7.7% YTD, moving from Asia's weakest performer in 1H to one of H2's best performers on the back of strong exports and corporate dollar sales.