Seoul, Jan 13 (IANS) The South Korean currency fell further on Tuesday, hovering below the level of 1,470 won per US dollar shortly after recovering from a near 16-year low.

The won opened at 1,468.5 per dollar, down 0.1 won from the previous session, and dipped further to 1,472.45 won as of 9:30 am, reports Yonhap news agency.

The local currency had slid to a 16-year low of around 1,480 won in mid-December and rebounded above the 1,450 won mark on Dec. 24 for the first time in about two months following a verbal intervention and policy steps by foreign exchange authorities to stabilise the market.

The won, however, has since fallen for 10 straight trading sessions, closing at 1,468.4 won per dollar on Monday.

"Demand for dollars from importers and local investors for overseas stock investments has pushed the exchange rate higher," Min Kyung-won, an analyst at Woori Bank, said.

The won's weakness has also moved in line with the depreciation of the Japanese yen, he added.

Meanwhile, South Korean stocks traded higher late Tuesday morning, trimming early gains after hitting a new intraday high, led by auto and technology shares.

The benchmark Korea Composite Stock Price Index (KOSPI) added 21.07 points, or 0.46 per cent, to 4,645.86 as of 11:20 a.m.

After opening 0.81 percent higher, the index touched an all-time intraday high of 4,672.04 at one point.

Gains later narrowed as large-cap semiconductor shares turned lower.

Auto and information technology (IT) shares led the advance.

Top carmaker Hyundai Motor surged 11.58 per cent, and its auto parts affiliate Hyundai Mobis soared 15.74 per cent.

Internet giant Naver rose 1.17 per cent, and its rival Kakao edged up 0.17 per cent.

Game stocks were also strong, with NCSOFT jumping 6.71 percent and Netmarble increasing 0.92 percent.

However, semiconductors traded weak as industry leader Samsung Electronics fell 1.01 per cent and SK hynix lost 2.67 per cent.

—IANS

na/