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S Korean won ends higher

SEOUL: The won closed higher against the dollar on Thursday due to exporter settlements and the yen's rebound against the dollar in global markets, dealers said.

"Dollar supplies continued to flow in, prompting stop-loss dollar sales," said Lee Byung-kwon of Hongkong Bank. "The market seems to have an oversupply of $300 million."

The won closed at 779.80 after opening at 781.10. It ranged from 779.60 to 781.20.

Dealers said the yen's recovery against the dollar in the world's market helped drag down the dollar in the local market.

The won's mid-rate is expected to be pegged at 780.30 on Friday, compared with 781.70 today.

Dealers said the dollar's fall was limited by fears of the central bank's intervention.

"Banks became cautious the central bank would intervene to support the dollar as the dollar kept falling," a domestic bank dealer said.

He forecast the dollar would range from 779.00 to 780.50 on Friday, while Lee of Hongkong Bank put it between 779.00 and 780.00.-Reuter