Presidential Office "Keeping a close watch on soaring exchange rate… will defer to the foreign exchange authorities' stance"

The presidential office said on the 24th that it is "keeping a close watch" on the won–dollar exchange rate, which has continued its steep rise, but it indicated it would defer to the foreign exchange authorities' message.

On that day, spokesman Kim Nam-jun, in a briefing at the Cheong Wa Dae Chunchugwan, responded this way to a question asking, 'Does the presidential office have countermeasures at its level for the high exchange rate issue?'

He added, "I understand that this morning the foreign exchange authorities announced their position regarding the exchange rate," and said, "It would be better to let that position serve as the reply."

Earlier that day, immediately after the opening of the foreign exchange market, Kim Jae-hwan, Director General of International Finance at the Ministry of Economy and Finance, and Yoon Kyung-soo, Director General of International Affairs at the Bank of Korea, said in a 'foreign exchange authorities market-related message' that "excessive weakness of the won is undesirable," and that "the government's strong will and comprehensive policy implementation capability will soon be confirmed."

The won–dollar exchange rate, which had been heading toward 1,500 won, came to an abrupt halt in its rise after high-intensity verbal intervention by the foreign exchange authorities. In the Seoul foreign exchange market, the rate stood at 1,449.8 won as of 3:30 p.m., down 33.8 won from the previous day. It is the lowest level in about a month and a half since the 6th of last month (1,447.7 won).

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