Korean won strengthens sharply against dollar after authorities' verbal intervention

The Korea Times

Korean won strengthens sharply against dollar after authorities' verbal intervention

The Korean won strengthened sharply against the U.S. dollar to its strongest level in five sessions Tuesday following strong verbal interventions by financial authorities. The won was quoted at 1,512.1 won per dollar at 3:30 p.m., up 22.9 won from the previous session, marking the highest level since last Monday, when it was quoted at 1,504.3 won. The local currency gained for the second consecutive session after plunging to 1,539.1 won per dollar on Friday, its weakest level since March 9, 2009. The won's strength came as financial authorities continued to issue strong warnings against excessive volatility and speculative trading. Earlier in the day, the finance ministry said the government was preparing to inspect speculative trading in the foreign exchange market. On Monday, the authorities also expressed their pledge to take stern action against any market-disrupting trading.

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