The South Korean won fell today on worries that the government may intervene to weaken the currency. The concerns overshadowed the positive influence of optimism about economic growth in China.
The won has been the best performer among the 11 major Asian currencies since the end of June. It looks like South Korea’s lawmakers are not pleased with the currency’s strength as Deputy Finance Minister Choi Jong Ku demonstrated displeasure with the currency rate and hinted that the government may intervene to rein excessive fluctuations. The Kospi index of shares advanced for the second day on speculations that China will avoid hard landing.
USD/KRW was up from 1,085.6000 to 1086.4500 as of 13:07 GMT today, rebounding from the daily low of 1,081.2999.
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