Exchange rate, down 33.8 won to 1,449.8 won…largest drop in 3 years and 1 month

Korea Economic Daily

Summary

The won–dollar exchange rate fell by 33.8 won, marking the largest drop in 3 years and 1 month.
This sharp fall is seen as the effect of verbal intervention by the foreign exchange authorities.
The authorities emphasized their willingness to implement policies in response to the excessive weakness of the won.

The won–dollar exchange rate fell by the largest margin in 3 years and 1 month. It is interpreted as an effect of verbal intervention by the foreign exchange authorities.

As of 3:30 p.m. on the 24th in the Seoul foreign exchange market, the won–dollar exchange rate was 1,449.8 won, down 33.8 won. It is the largest drop in 3 years and 1 month.

Earlier that morning, Kim Jae-hwan, Director of the International Finance Bureau at the Ministry of Economy and Finance, and Yoon Kyung-soo, Director of the International Department at the Bank of Korea, through a 'market-related message from the foreign exchange authorities,' said, "Excessive weakness of the won is not desirable." They added, "The government's strong determination and ability to implement policies will soon be confirmed."

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com

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