The South Korean won firmed against the dollar on Tuesday, reversing losses after the Reserve Bank of Australia (RBA) surprised markets by keeping its policy rate steady, with exporters’ demand for settlements providing further support.

The won was quoted at 1,096.4 to the dollar at the end of onshore trade, compared with 1,100.8 at Monday’s close.

South Korean shares edged higher on Tuesday to extend a five-month high, breaking above the psychologically important 2,000-point level.

The Korea Composite Stock Price Index (KOSPI) closed up 0.2 per cent at 2,001.38 points.

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