S Korean won likely to further appreciate against U.S. dollar: survey

South Korea's currency is likely to continue to strengthen against the U.S. dollar, averaging at 1,124 won to one U.S. dollar in the first half of 2010, a private survey showed Monday.

According to a survey by the nation's biggest business lobby group, the Federation of Korean Industries, the South Korean won is to further appreciate against the U.S. dollar on the back of the weakening U.S. currency, South Korea's current account surplus and net selling of local stocks by foreign investors.

The federation said a strong won is adding to worries on the profitability and price competitiveness of local exporters.

Amid market concerns, the local currency averaged 1,239.74 per the dollar during the July-September period of this year, the federation said.

Source:Xinhua