BR:South Korea won creeps lower as dollar buoyed by upbeat US data
SEOUL: The South Korean won inched slightly lower in early domestic trade on Thursday morning, after fresh US data pointed to signs of improvement in the world's largest economy and pushed the dollar higher.
The local currency was quoted at 1,063.8 against the dollar as of 0225 GMT, compared with Wednesday's domestic close of 1,062.7.
US economic data showed the seasonally-adjusted Producer Price Index rose by 0.4 percent in December -- the biggest increase since June.
The Federal Reserve Bank of New York's "Empire State" index of general business conditions also climbed to its highest level in 20 months, bolstering bets that the Federal Reserve can continue unwinding its bond-buying stimulus this year.
"The market is calm with neither exporters nor offshore investors making strong bids," said one currency dealer.
"The won is at a phase where valuation is high for buying, whilst the dollar's strength is worrisome for selling."
The benchmark Korea Composite Stock Price Index was up 0.2 percent at 1,958.06.
