SEOUL: The South Korean won was nearly flat in early domestic trade on Tuesday, as investors await an outcome from the US Federal Reserve's policy meeting.
The local currency was quoted at 1,051.8 against the dollar as of 0210 GMT, compared with Monday's domestic closing level of 1,051.5.
The won briefly traded as high as 1,050.6 against the dollar earlier in the day, matching the year-to-date high, but eased as investors were reluctant to take strong bets before the Fed's policy decision.
Recent positive economic indicators and a budget deal struck in Washington have increased speculation that the Fed could decide to taper quantitative easing at its December policy meeting, which begins later in the global day and concludes on Wednesday.
Of the 63 economists surveyed by Reuters, 29 of them expected tapering to begin in December or January while another 33 expected the tapering to start in March.
"I don't think the market will break out of the current stalemate until the FOMC event is over," one currency dealer said.
The benchmark Korea Composite Stock Price Index was up 0.7 percent at 1,974.18.
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