Choo Kyung-ho "Concerns Over Exchange Rate Rise Concentration... Monitoring Speculative Trading"

[Asia Economy Sejong=Reporter Kwon Haeyoung] On the 23rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, "We will strengthen monitoring with vigilance through close cooperation among related agencies regarding the possibility of expanded speculative transactions offshore, taking advantage of external conditions such as the global dollar strength."

On the same day, Deputy Prime Minister Choo held a meeting at the International Financial Center with related agencies to discuss the recent foreign exchange market situation and outlook, saying, "As recent external conditions overall act as upward pressure on the exchange rate, there is a concern that market sentiment may become one-sidedly biased." The meeting was attended by market participants, research institutions, the Financial Services Commission, the Bank of Korea, and the International Financial Center.

According to the Seoul foreign exchange market on the day, the won-dollar exchange rate closed at 1,345.5 won, up 5.7 won from the previous day's closing price. This is the highest level in about 13 years and 4 months since April 28, 2009 (closing price 1,356.80 won) during the financial crisis. To curb the relentless rise in the exchange rate, the foreign exchange authorities intervened verbally for the first time in two months, but the exchange rate expanded its gains again in the afternoon, now eyeing the 1,350 won level.

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