Won soars to six-week high

The South Korean won hit a six-week high on Thursday on optimism the International Monetary Fund may be able to double its war chest to lend money to countries struggling from euro zone debt woes. The local currency finished its session at 1,137.1 against the dollar in its third consecutive day of gains, compared with Wednesday's close at 1,141.8.
Although the won marked its strongest level since December 8, it moved within a narrow range between 1,135 and 1,137.5. "We saw a very tight range today, but the flow was very active and a fairly large amount was traded. There may have been offshore funds that have closed their positions in time for the Lunar New Year's holiday," said a local bank dealer. March futures on three-year treasury bonds slid 0.02 points to 104.45. The yield on the benchmark 3-year treasury bonds rose 2 basis points to 3.38 percent, while the yield on 5-year treasury bonds rose 1 basis point to 3.51 percent.