The South Korean won strengthened to its highest level in nearly 10 months, driven by exporters converting their dollar earnings into the local currency.

The won rose as much as 0.7% against the US dollar, reaching 1,414.55 won per dollar, marking its strongest point since October. The currency later pared some gains, trading up 0.3% on the day.

"While I believe there is still buying demand at low dollar-won levels, exporters selling dollars is absolutely dominant," said Min Gyeong-won, an economist at Woori Bank.