Won Drops as Government Ready to Intervene
The South Korean won depreciated today after Finance Minister Bahk Jae Wan warned that the lawmakers may curb the recent gains of the currency. Such comments reduced the attractiveness of the won.
Bahk said that the government is “all ready” to reduce the exchange rate volatility. Fears of an intervention drove traders away from the won. The currency reached the highest level in more than a year last week. Last year, the currency has appreciated 8.3 percent.
USD/KRW advanced from 1,064.4000 to 1066.2450 as of 11:25 GMT today.
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Earlier News About the South Korean Won:
- Won Swings Between Gains and Losses (2013-01-04)
- Won Rises as South Korean Economy Improves (2012-12-28)
- South Korean Won Gets Strength from Fed's Announcement (2012-12-13)
- South Korean Won Soft amid Poor Market Sentiment (2012-11-28)
- Won Drops as on Intervention Worries (2012-11-23)