The recent volatility and weakness of the Korean currency against the U.S. dollar, sparked by the ongoing Middle East crisis, do not pose a serious concern, though rising oil prices could push up inflation and weigh on economic growth, a central bank board member said Tuesday. Lee Soo-hyung, a member of the Bank of Korea's (BOK) Monetary Policy Board, made the remarks during a press briefing in Seoul, as the won has depreciated markedly per dollar since the start of this month following U.S.-Israeli strikes on Iran and intensifying regional tensions. The won touched the significant psychological barrier of the 1,500-won mark Monday for the first time since March 2009, when Korea was reeling from the global financial crisis. "Despite the won's depreciation, it is difficult to view this as a problem unique to us. There is also an aspect where the won is used as a proxy hedging instrument for the Taiwan dollar among East Asian countries," Lee said. "Given the overall foreign exchange supply and demand conditions, the current exchange rate level does not yet warrant excessive concern," she a