Won-dollar rate hits intraday 1,510s for first time in 13 sessions on exporter dollar selling

The won edged down against the dollar Tuesday as the yen strengthened and exporters stepped up dollar selling.

The won-dollar exchange rate closed the weekly session at 1,528.2 won, down 2.1 won from Monday.

The rate opened at 1,528.9 won at 6 a.m. — down 1.4 won from Monday — marking the second day since Seoul's foreign exchange market extended its trading hours to 24 hours.

The rate briefly climbed to 1,531.9 won before pulling back, touching an intraday low of 1,519.6 won. On an intraday basis, that was the lowest level in 13 trading sessions since June 18.

The rate recovered ahead of the close, finishing the weekly session in the 1,520-won range.

The pullback from last week's levels above 1,550 won appeared to prompt exporters in particular to sell dollars, dragging the rate lower.

The yen's shift back to strength was also cited as a factor pushing the exchange rate down.

The yen-dollar rate, which had risen to 162.417 yen on Monday, fell back to the late-161-yen range Tuesday, most recently down 0.05 percent at 161.997 yen.

The won-yen cross rate stood at 943.25 won per 100 yen, down 0.27 won from Monday's 3:30 p.m. benchmark.

The dollar's broader strength also showed signs of easing.

The dollar index, which measures the greenback against six major currencies, climbed to 101.145 on Monday before retreating to the 100 range Tuesday. It edged up in the afternoon to 100.945, up 0.10 percent from the same time Monday.

Continued net selling of domestic shares by foreign investors has been adding upward pressure on the exchange rate.

Foreign investors net sold about 2.9 trillion won ($1.89 billion) worth of shares on the main bourse Tuesday, extending their streak of net selling to 13 consecutive trading sessions since June 19.

The Kospi closed down 4.91 percent at 7,656.31 after swinging sharply during the session.