The local currency strengthened against the U.S. dollar, reaching its highest level in seven months.

According to the Seoul foreign exchange market on Sunday, the closing spot rate of the South Korean won stood at one-thousand-366-point-five per dollar in overnight trading on Friday.

In terms of overnight closing prices, this marks the strongest exchange rate since October 16 of last year, when it was recorded at one-thousand-364-point-five won per dollar.

The won has regained levels last seen before the U.S. presidential election in November last year and the martial law crisis in December.

Over the past week, the local currency appreciated by two-point-45 percent against the greenback, making it the second-largest gainer among major currencies, including the euro, yuan, and Taiwan dollar.