Dollar/won move boosts options market activity

The dollar/won has moved around 10% since October -- hitting record levels of 1,041.50 on December 2 -- amid extensive dollar selling by the Korean exporters. "The market has got itself long dollars," said a senior Asian FX dealer in Hong Kong. "It had been collecting dollars all this while and there hasn't been any appreciation of the dollar over the past few months, so the market panicked and started to chase the selling in the dollar/won. This has caused a more rapid appreciation in the won."

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