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S. Korea to stabilize FX market amid won's fall against U.S. dollar

All News 08:26 April 28, 2022

SEOUL, April 28 (Yonhap) -- South Korea's top economic policymaker said Thursday the government plans to take measures to stabilize the foreign exchange market, if needed, as the Korean currency has fallen against the U.S. dollar at a fast pace.

Finance Minister Hong Nam-ki made the verbal intervention as the Korean currency hit an over two-year low against the greenback Wednesday amid heightened external economic uncertainty.

The local currency ended at 1,265.20 won against the greenback, down 14.4 won from Tuesday's close. It marked the first time in more than two years that the won slid to the 1,260 won level.

"The government is closely monitoring the FX market in a bid to curb (the won's) excessive one-sided movements, and it plans to make efforts to stabilize the market, if needed," Hong said.

The photo shows information about the KOSPI, South Korea's main stock index, and the won on a screen at a Hana Bank branch in central Seoul on April 27, 2022. (Yonhap)

sooyeon@yna.co.kr
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