SEOUL: The South Korean won was virtually flat on Tuesday as a lack of events gave investors few reasons to make big bids, while a market holiday in the United States on Monday added to the session's sluggish trade.
The local currency was quoted at 1,063.4 against the dollar as of 0230 GMT, barely changed from Monday's closing level at 1,063.7.
"There are no big momentum-yielding factors in the market right now but the won is blocked from rising further on the possibility that the Federal Reserve will make an additional cut to its stimulus programme," said a bank dealer in Seoul.
The dealer added that demand from exporters and importers was nearly equal, resulting in a tight trading band for the won on Tuesday.
Investors will be closely watching the Fed's next policy meeting on Jan. 28-29 for whether the central bank makes additional reductions to its bond-buying programme.
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