SK Hynix's Anticipated ADR Offering-Related Currency Flows Boost Won
The Korean won appreciated as markets anticipated currency flows from SK Hynix's (KRX:000660) $29 billion American depositary receipts (ADR) offering in the U.S., Bloomberg News reported citing a person familiar with the matter. The currency reached 1,530.50 per dollar on Friday after gaining 0.5%. SK Hynix may start using forwards Friday to hedge funds raised from the offering, with plans to utilize part of the proceeds to make investments in Korea. Chipmaker SK Hynix did not immediately respond to ' request for a comment.
The Korean won appreciated as markets anticipated currency flows from SK Hynix's (KRX:000660) $29 billion American depositary receipts (ADR) offering in the U.S., Bloomberg News reported citing a person familiar with the matter.
The currency reached 1,530.50 per dollar on Friday after gaining 0.5%.
SK Hynix may start using forwards Friday to hedge funds raised from the offering, with plans to utilize part of the proceeds to make investments in Korea.
Chipmaker SK Hynix did not immediately respond to ' request for a comment.