The South Korean won pared early losses and held steady against the dollar on Thursday after the Bank of Korea Governor Lee Ju-yeol’s news conference following a rate cut by the central bank.
The won closed local trade at 1,108.8, barely changed from the previous close at 1,108.2. The local currency fell as much as 0.6 per cent to 1,114.8 right after the BoK slashed borrowing costs.
“The won erased early losses on expectations there’ll no more rate cuts,’’ said Park Yuna, a foreign-exchange analyst at Dongbu Securities.
The Korea Composite Stock Price Index (KOSPI) closed up 0.3 per cent at 2,056.61 points from the previous close at 2,051.32. The KOSPI snapped a four-day losing streak.