HONG KONG (MarketWatch) -- South Korea's central bank on Thursday unexpectedly lowered interest rates by a quarter-point to 3%, joining several regional and global peers to support growth amid weakening economic indicators. The rate cut is the first from the Bank of Korea in more than three years. Only three of the 26 economists polled in a Reuters survey had expected a reduction in rates, with the rest anticipating no change. The Korean won turned lower in choppy trade after the rate cut, with the U.S. dollar USDKRW, +0.12% buying 1,142.40 won, compared with the day's low at 1,139.73 won.