Won leads Asia FX gains amid further ECB easing expectations

SINGAPORE: The South Korean won hit a one-week high on Tuesday, leading gains among emerging Asian currencies on hopes of more capital inflows to the region with increasing prospects for further easing by the European Central Bank.

The won rose as much as 0.3 percent to 1,016.7 per dollar in local trade, its strongest since Aug. 19, on demand from exporters for month-end settlements.

Offshore funds also bought the won, while the South Korean unit hovered near a six-year high against the yen.

China's yuan rose as investors stayed bullish on the currency and corporate demand helped offset a weaker daily midpoint fixing by the central bank.