SEOUL, July 29 (Yonhap) -- The South Korean won strengthened to a nearly five-month high against the U.S. dollar Wednesday.

The won was quoted at 1,446.7 won per dollar at 3:30 p.m., up 15.8 won from the day before, the strongest level attained since Feb. 27.

Some analysts attributed the won's appreciation to dollar selling by SK hynix Inc., which has converted its proceeds from a mega U.S. listing into the Korean currency. Many exporters also appeared to have sold dollars and traded them in for the won.

The won started the day at 1,455 won per dollar and gained to as high as 1,442.6 won.

Foreigners sold a net 1.2 trillion won (US$824 million) worth of local stocks during the trading session, with the benchmark Korea Composite Stock Price Index diving 5.98 percent to close at 5,663.24.

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