The South Korean won rose today after the central bank increased the interest rates for the first time since the beginning of the global economic recession.

The Bank of Korea increased the seven-day repurchase rate to 2.25 percent from the record low level of 2 percent. The International Monetary Fund stated three days ago that South Korea’s monetary policy is “somewhat beyond what is necessary to support the recovery” and the nation needs to gradually raise the borrowing costs.

USD/KRW traded near 1,208.20 as of 8:17 GMT today after opening at 1,209.10. EUR/KRW fell to about 1,531.40 from the opening rate of 1,535.25.

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