SEOUL: The South Korean won was little changed early on Wednesday as investors braced for the outcome of the Federal Reserve's policy meeting due later in the global day.
The local currency was quoted at 1,052.2 against the dollar as of 0221 GMT, down 0.1 percent from Tuesday's domestic close at 1,051.1.
Traders will be watching for whether the Fed decides to begin tapering its monthly $85 billion bond-buying programme.
A majority of economists polled by Reuters expect the tapering to happen in March, although some see it happening as soon as January thanks to the recent influx of positive US economic data.
"Everyone's hands are tied at the moment. We're seeing a bit of dollar sales from exporters which are being offset by dollar demand from foreigners and importers near the 1,052 level," said a dealer at a foreign bank in Seoul.
Traders said the won is expected to remain within a 1,050-1,055 range in the meantime. The Fed will announce its policy decision at 1900 GMT, well after local markets are closed.
The benchmark Korea Composite Stock Price Index was up 0.3 percent.
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