South Korea said that excessive weakening of the won is not advisable, and the foreign exchange market will soon see the government's firm determination. The Korean won exchange rate strengthened in response. A joint text message sent by the Bank of Korea and the Ministry of Finance said that the authorities have held several meetings in the past week or two to discuss the recent weakening of the Korean won. After the announcement, the won rose 0.9% against the US dollar to 1,467.50. The exchange rate fell to 1,484.65 on Tuesday, close to its lowest level since the March 2009 global financial crisis.

South Korea said that excessive weakening of the won is not advisable, and the foreign exchange market will soon see the government's firm determination. The Korean won exchange rate strengthened in response. A joint text message sent by the Bank of Korea and the Ministry of Finance said that the authorities have held several meetings in the past week or two to discuss the recent weakening of the Korean won. After the announcement, the won rose 0.9% against the US dollar to 1,467.50. The exchange rate fell to 1,484.65 on Tuesday, close to its lowest level since the March 2009 global financial crisis.