SEOUL: The won was well supported against the dollar on Monday after South Korea posted a sizeable trade surplus for November, although its upside was limited by the yen's weakening.
The won was quoted at 1,057.3 per dollar at 0350 GMT, above Friday's domestic close of 1,058.2.
South Korea reported on Sunday a trade surplus of $4.8 billion in November on weak imports, similar to a $4.9 billion surplus in October.
Traders were taking a cautious approach as the yen's weakening and the resultant strengthening of the won against the Japanese unit could persuade won-selling intervention by the South Korean authorities.
"Upward pressure on the won remained but caution about possible government intervention amid the yen's decline limited the scope for the won's movements," said a foreign bank dealer in Seoul.
The yen/won cross rate was bid as low as 10.3003, its lowest since Sept. 12, 2008, Thomson Reuters data shows. A stronger won against the yen could hurt price competitiveness of South Korean exporters competing with the Japanese.
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