Korean won ranks 5th weakest globally even after authorities intervene

The Korean won has been the fifth weakest currency globally despite verbal interventions by financial authorities to curb its volatility, data showed Thursday. The data, compiled by the Bank of Korea, shows the won has fallen 3.3 percent against the U.S. dollar in the fourth quarter through Wednesday. Among 42 currencies tracked by the central bank, this decline ranks fifth, following the Argentine peso at 6.8 percent, Japanese yen at 5.1 percent, Brazilian real at 3.7 percent and Taiwanese dollar at 3.3 percent. The depreciation came even after financial authorities verbally intervened, Wednesday, prompting a gain of 33.8 won, its strongest one-day rise in more than three years, to close at 1,449.8 won during daytime trading. The exchange rate remained in the 1,480-won range over the previous two days, marking the first consecutive two-day stay in this range since the 2009 global financial crisis. In the fourth quarter so far, the U.S. dollar index, which measures the dollar against six major currencies, has remained between 97 and 98. A reading above 100 indicates a strengthening dollar