SEOUL: The South Korean won fell early in Tuesday's session, pressured by broad dollar strength offshore, but is expected to tread water as investors remain wary of possible dollar sales from local exporters for month-end settlements.
The local currency was quoted at 1,115.9 against the dollar as of 0230 GMT, down a third of a percent from Monday's onshore close at 1,112.7 and after two days of gains.
"Offshore players are buying dollars, but they're not strong bids and considering the fact that resistance was seen recently at 1,120 it will be hard for the won to fall further unless there is a momentum-lending event," said a local bank dealer in Seoul.
Another bank dealer said some dollar-long positions were seen pressuring the won, but most market participants were looking out for a supply of dollars from exporters looking to convert contract payments as the end of the month nears.
The won's movements were roughly in line with other Asian currencies, which broadly fell early on Tuesday.
The benchmark Korea Composite Stock Price Index was up 0.4 percent at 1,894.85 points.
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