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

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