The Korea Times
The government is intensifying its monitoring of the foreign exchange market and reinforcing stabilization measures, repeatedly warning that it stands ready to intervene against excessive one-sided volatility as the Korean won continues to weaken, officials said Thursday. The officials attributed the heightened exchange rate volatility to geopolitical tensions in the Middle East and profit-taking by foreign investors, who have turned into net sellers following a recent KOSPI rally. "With external uncertainties remaining high, we are keeping a close watch on market developments to curb growing anxiety and are prepared to act immediately against excessive one-way market moves," Finance Minister Koo Yun-cheol said during a market review meeting with the Bank of Korea (BOK) governor, the Financial Services Commission chairman and the Financial Supervisory Service governor. The warning came as the Korean currency remained under sustained pressure, with the won staying above the 1,500 won-per-dollar level for nearly three consecutive weeks. On Thursday, the won opened at 1,530.0 per dollar, we
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