Korean Won to 1,057.55 per dollar on Intervention Concern

The won halted a four-day advance on concern South Korean authorities will curb its strength as the yen’s slide poses a threat to the nation’s exports.

South Korea will act if needed to stabilize the currency market to help companies cope with the weak yen, the trade ministry said in an e-mailed statement today. The won’s 11 percent rise against the Japanese currency in the past six months hurts the competitiveness of companies such as Samsung Electronics Co. and Hyundai Motor Co. in overseas markets.

The won fell 0.1 percent to 1,057.55 per dollar as of 10:16 a.m. in Seoul, data compiled by Bloomberg show. It strengthened 1.1 percent in the past four days. The yen fell 0.3 percent to 103.32 against the greenback today.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.