The won slipped slightly on Nov. 28 on expectations that the Bank of Korea will keep its base rate unchanged for an extended period.

In the Seoul foreign exchange market, the won stood at 1,462.6 per dollar at 9:05 a.m., down 2.3 won from the previous session’s 3:30 p.m. close.

It had opened at 1,462.5, down 2.4 won, and moved in a narrow band.

The decline reflected a stronger won after the Bank of Korea kept a hawkish stance while holding rates steady.

The Monetary Policy Board held the base rate at 2.50 percent for a fourth straight meeting the previous day and indirectly indicated that the cutting cycle is effectively over.

Market views suggested the rate-hold stance could persist.

U.S. markets were closed overnight for Thanksgiving.

Expectations for a U.S. rate cut in December remained in place, while the dollar index, which measures the currency against six major peers, stayed below 100 at 99.532, down 0.03 percent from the previous day.

At the same time, the won stood at 935.96 per 100 yen, up 2.33 won from the 3:30 p.m. close of 938.29.

The yen traded at 156.23 per dollar, down 0.09 yen.

Yonhap