The South Korean won strengthened to around 1,384 per dollar on Monday, recouping earlier losses, as markets drew support from renewed diplomatic outreach and an accelerated ramp-up in nuclear output. President Lee Jae Myung’s plan to dispatch special envoys to Beijing, with talks underway for a meeting with Chinese Foreign Minister Wang Yi where they are expected to deliver a letter to President Xi Jinping inviting him to the APEC summit in Seoul. At the same time, data from Korea Electric Power Corp indicated nuclear generation expanded 8.7% year-on-year in the first half, almost three times the official growth target, while coal-fired output contracted 16%. The accelerated nuclear ramp-up has lowered dependence on imported fossil fuels and eased input cost pressures, contributing to an improved external balance.
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