The South Korean won climbed to 1335.10 against the US dollar in early Asian trading on Thursday. If the Korean currency strengthens further, it may test near term resistance around the 1309.5 level. At yesterday's close, the dollar-won pair was quoted at 1349.80.

As expected, the Bank of Korea decided to leave interest rates unchanged at a record low of 2% today. In its March meeting also, the central bank held its rates steady. But the bank had trimmed rates by 50 basis points to 2 percent in February, marking the sixth rate cut in the previous four months.

Consumer price inflation has been decelerating thanks to the stable movements of international oil prices coupled with the easing of demand-pull pressures owing to the economic downturn and this trend seems set to continue for some time, the central bank said in a statement accompanying the rate decision. In the real estate market, prices and transaction volumes have continued to decline.

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