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South Korea won edges down on dollar strength, North Korea; bonds up

won-SEOUL: The South Korean won was slightly lower in early trade Tuesday, weighed by broad US dollar gains and continuing concerns about potential provocations by North Korea.

The local currency was quoted at 1,095.3 against the dollar at 0025 GMT, compared with 1,094.8 at the end of onshore trade on Monday.

Investors remain cautious amid heightened tensions on the Korean Peninsula. North Korea shut down a humanitarian hotline with the South on Monday after declaring the armistice that ended The Korean War in 1953 as over in response to a joint military exercise between the US and South Korea.

The benchmark Korea Composite Stock Price Index was up 0.1 percent at 2,004.52

March futures on three-year treasury bonds was up 0.06 points at 106.64 as investors continued to bet on another rate cut by the Bank of Korea to boost growth in the near future, if not at the March policy meeting on Thursday.

Finance minister nominee Hyun Oh-seok, in a written reply to questions submitted by lawmakers, said he sees more downside risks to the government's 3.0 percent growth target for the year and would take aggressive steps to ensure a quick recovery.

Copyright Reuters, 2013


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