South Korean won up for fifth day

South Korean won up for fifth day : The South Korean won edged higher to a more than one-week high against the dollar on Friday, ending local trade higher for a fifth consecutive session on optimism about the economy and fund inflows. The won moved in a narrow range on caution ahead of the release of key economic indicators next week immediately before a three-day public holiday.

The won ended the local session at 1,113.8 against the dollar after hitting a session high of 1,112.5, its strongest since January 19, compared with Thursday's domestic close of 1,114.4. "There was some selling (of the won) in early trading when stock prices fell, but purchases by exporters and recovering stock prices later sent the won slightly higher," said a foreign bank dealer.

South Korea's government is due to release January inflation, January exports and December industrial output indicators during the first two days of next week. Markets are closed for the remaining three days of the week for the Lunar New Year holiday.

The yen's weakening against major currencies after a ratings cut on Japan failed to affect the won, resulting in a rise in the South Korean currency's value against the yen from late Thursday. The yen was quoted at 13.4757/13.4883 won late on Friday, compared with 13.5527/13.5646 a day earlier.

Seoul's main stock market index recovered from most of its early 0.9 percent decline to end the day down 0.3 percent. Treasury bond prices fell slightly on caution ahead of the release of economic indicators. The March-delivery futures on three-year treasury bonds ended down 0.06 point at 102.39, reversing from early modest gains.
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