South Korea won climbs against dollar
SEOUL: The won opened higher against the dollar on Tuesday following data showing a sustained current account surplus, although it shrank to the smallest in 15 months after seasonal adjustments.
The South Korean currency was quoted at 1,081.00/40 per dollar, compared with Monday's domestic close of 1,085.6.
Expectations for the Greece parliament's approval of a fiscal austerity package eased global risk aversion, boosting non-dollar asset prices.
South Korea's current account surplus dropped to a seasonally adjusted $0.71 billion in May as imports grew faster than exports, data from the Bank of Korea showed.
The country posted a net capital and financial account outflow of $4.03 billion last month without seasonal adjustments, the largest in seven months, hit by foreign investors' withdrawal from local stock markets.
The central bank expects the world's No.7 exporter to maintain a current account surplus in June similar to May's and the central bank will stick to its earlier forecast of a $6 billion surplus for the second half of this year, a central bank official said.
Treasury bond futures shed 0.05 points as hopes of Greece avoiding a debt default revived interest in riskier assets.
Copyright Reuters, 2011
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