The South Korean won dropped today, leading to speculations among Forex market participants that policy makers had intervened in the currency market to bring the exchange rate down to protect the economy from excessive appreciation of the currency.
Yoon Sang Jick, the Minister of Trade, Industry and Energy, said today that the won’s rally was hurting Korean’s smaller exports. The government has already warned traders against speculative bets on the currency. The won appreciated 3.6 percent against the dollar this quarter, being the second best performer among most-traded currencies.
USD/KRW advanced from 1,023.0750 to 1,023.0750 as of 12:27 GMT today.
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