South Korea will step up monitoring of any "inappropriate" activities in the local currency market to guarantee that it isn't swayed by groundless rumors and other
improper means, a senior financial official said Wednesday.
"We will closely monitor whether the local currency market is being improperly influenced through rumors or any other inappropriate means," Vice Finance Minister Choi Joong-kyung told reporters after meeting with related key financial and monetary policymakers in central Seoul.
His comments came on the heels of an official statement by the ministry the previous day that the government sees volatility in the local currency market "undesirable" and is currently paying "close attention" to the won's movements against the U.S. dollar.
The won gained 5.3 won against the dollar to trade at 978.5 as of 10:05 a.m. On Tuesday, the local currency closed up 6.6 won at 983.8 after soaring to 980.5 in intraday trading.
Choi said that the previous day's verbal intervention was due to a sharp plunge in the won-dollar exchange rate without any reasonable cause. He added that the ministry's monitoring of improper influence from rumors and other means should be
interpreted as a way to boost the soundness of the local currency market. (Yonhap)