| Finance Minister Hong Nam-ki / Yonhap |
Korea's top economic policymaker said Thursday the government will 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 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 take measures to stabilize the market, if needed," Hong said. (Yonhap)