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South Korea won edges down on US fiscal cliff, Greece; bonds up

south-korea-flagSEOUL: The South Korean won fell slightly against the dollar on Tuesday on global uncertainties over the US fiscal row and a decision by euro-zone finance ministers not to hand out more aid to Greece.


The local currency ended onshore trade at 1,089.9 against the dollar, slightly down from Monday's domestic close at 1,088.6. The won is still up around 6 percent against the dollar this year.


Trading throughout the day was thin, however, due to markets closing for national holidays in the US and Singapore.


Euro zone finance ministers agreed to give debt-ridden Greece two more years to make cuts demanded of it on Monday, but stopped short of giving the country more aid.


Adding to global risk aversion has been a looming US fiscal cliff of $600 billion in deficit-reduction measures unless Congress reaches a deal.


"The issues from Greece and the US had limited effect in the market today. Rather, the tug-of-war between dollar sales from local exporters and caution against government intervention continue to rule the market," said a local bank dealer in Seoul.


The benchmark Korea Composite Stock Price Index was down 0.6 percent.


December futures on three-year treasury bonds was up 0.07 points at 106.26.


Yield on the benchmark five-year treasury bonds fell 2 basis point to 2.84 percent, while yield on the three-year treasury bonds shed 1 basis point to 2.78 percent.

Copyright Reuters, 2012


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