Seoul: Won falls on rate cut view; shares at 7-week high

[SEOUL] The South Korean won was pushed lower along with regional peers on Wednesday after Singapore unexpectedly eased its monetary policy, heightening speculation that the Bank of Korea may be pressured to follow suit with a rate cut of its own.

The local currency was quoted at 1,084.5 to the dollar at the conclusion of onshore trade, compared to 1,079.8 seen at the end of Tuesday's session.

South Korean shares reversed early losses to close higher on Wednesday, underpinned by institutional buying as the main bourse scaled to a 7-week high.

The Korea Composite Stock Price Index (KOSPI) gained 0.47 per cent to close at 1,961.58 points.

REUTERS