South Korea’s benchmark stock index scored its biggest daily percentage gain in more than 20 months on Friday on signs that inflation is slowing in the U.S.

The Korea Composite Stock Price Index(KOSPI) closed at two-thousand-483-point-16 points on Friday, up by 80-point-93 points, or three-point-37 percent, from Thursday. 

It marks the index’s largest rise since it gained three-point-five percent on February 25 of 2021. 

U.S. consumer prices rose seven-point-seven percent on year in October, dipping below eight percent for the first time in months and also hovering below market expectations of seven-point-nine percent. 

It raised expectations that the Federal Reserve may tame the pace of its aggressive key rate hikes, leading the U.S. Dow Jones Industrial Average to rally three-point-seven percent.

The tech-savvy Korean stock index, KOSDAQ, also jumped 23-point-44 points, or three-point-31 percent, on Friday, closing the day at 731-point-22 points. 

The local currency also strengthened 59-point-one won against the U.S. dollar, its largest daily gain since the global financial crisis, to one-thousand-318-point-four percent. The won advanced 64-point-eight against the greenback on November 6 of 2008.