The won inched up to almost a new yearly high on Monday to close at W1,116 to the greenback. That was W1.2 up from a day earlier and just short of this year's high of W1,115.5 on March 2.

The year's low was W1,185.5 on May 25.

The won has risen W19.6 from W1,135.4 since Moody's on Aug. 27 became the first among the world's top three credit ratings firms to upgrade the country's sovereign credit rating to AA.

Experts believe the won will rise further to reach a new yearly high and even break the W1,100 barrier for the first time in a year.