The South Korean won advanced against the U.S. dollar on Tuesday as foreign investors maintained net purchases of local stocks.

The currency traded at 1,474.3 won per dollar in late afternoon, 5 won firmer than the prior close. It opened at 1,477.6 won and reached an intraday high of 1,471.1 won per dollar, the strongest level since May 11.

SK Hynix contributed to the currency’s gains by converting portions of proceeds from its Nasdaq American depositary receipts offering into won. Foreign investors acquired a net 295 billion won, equivalent to $199 million, of South Korean equities.

The benchmark Korea Composite Stock Price Index rose 3.56 percent to close at 6,474.95 points.