SEOUL: The South Korean won was up in early domestic trade on Wednesday, recouping some of its losses earlier in the week as renewed dollar-selling by exporters pushed investors to take profit on the US currency.
The local currency was quoted at 1,065.2 against the dollar as of 0223 GMT, compared with Tuesday's domestic closing level of 1,068.3.
Dealers said some investors were seen taking profit on the dollar's recent gains after the currency failed to break above the 1,070 mark against the won.
"Exporters' dollar supplies have emerged after the dollar-won rate looked unable to breach the 1,070 resistance, and the exchange rate is heading lower because of this," a currency dealer said. "The won fell sharply in recent sessions, so some rollback should be expected."
Another dealer said that the won could rise further in afternoon trade given the currency's steady advances against the dollar.
The benchmark Korea Composite Stock Price Index was flat at 1,959.36.
March futures on three-year treasury bonds were up 0.10 points, boosted by speculation that the Bank of Korea could deliver a surprise rate cut at its policy meeting on Thursday to boost economic growth.
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