The South Korean won rose for the third day against the U.S. dollar today as some Asian stock markets showed the growth and the high-yielding currencies were favored by the traders.

The majority of the most-traded Asian currencies (except the Japanese yen) showed gains today that can be simply regarded as the correctional movement after one of the worst beginnings of the year. The Korean KOSPI composite index advanced by almost 2 percent today as the investors thought that it was largely oversold recently.

Some analysts go as far as stating that the current month will be the final really bad one for the emerging markets and beginning from April the things will be gradually improving for them. The South Korean won trading near 1,500 per dollar looks very promising if you consider a global recovery soon. The currency was just a good buy, which was supported by the growing stocks today.

Until today there were speculations that the Korean foreign exchange reserves aren’t liquid enough to supply the U.S. dollars whenever the demand arises. The Bank of Korea informed the market participants today that the reserves can be turned into cash anytime to satisfy the demand for dollars if required. More than that, the last currency auction was skipped due the diminishing demand for the greenback.

USD/KRW fell from 1537.5 to 1510.6 as of 6:00 GMT today. It was reaching as high as 1559.0 yesterday.