The South Korean won rose against the U.S. dollar Monday, moving in tandem with its other major peers, but pared part of its earlier gains on intervention concerns, dealers said.

The local currency closed at 1,114.60 per dollar, up 8.4 won from the previous session's close, after rising to as high as 1,111.60 won at one point.

At the opening bell, the won gained around 1 percent to the greenback on expectations that the U.S. Fed's rate hike would be delayed.

Adding to the downward pressure on the won-dollar rate was firm end-month dollar selling by local exporters.

"This week is packed with a series of major events, such as addresses by key Fed officials and a Greek debt rescheduling deal," said Son Eun-jung, an analyst at Woori Futures Co. "The won-dollar rate could hover around the 1,100-won level through the week."

The dollar sank last week as the Fed trimmed its inflation outlook and growth estimate, ending its months-long rally backed by expectations that the Fed would raise the borrowing cost this year, possibly in the second half.

The country's key stock index, the KOSPI, edged down 0.65 point, or 0.03 percent, to end at 2,036.59 points, with foreign investors holding on to a net buying position. (Yonhap)