Won Surges to Two-Year Intraday High on Falling Oil Prices and Dollar Selling

Boosted by lower oil prices and heavy dollar selling by local firms, the won climbed to a two-year intraday high. After a three-day holiday closure, the currency rose 0.8% against the dollar to 1,333.30 before narrowing gains to 0.6%. Most Asian currencies also advanced. Year-to-date, the won has gained 7.6%, shifting from Asia's worst-performing currency in the first half to its best performer so far this year, driven by strong exports and corporate dollar selling.