USD/KRW defends $1,300 on S. Korean FinMin comments

An official at the South Korean Finance Ministry said on Wednesday, he “plans to meet FX dealers later on Wednesday and listen to the opinion on the current market situation.”

“Won's recent pace of weakening faster than other currencies,” the official added.

On Tuesday, Bank of Korea (BOK) Governor Rhee Chang-yong noted that they “will respond in a timely manner in case of uneasiness in financial and forex markets.”

Market reaction

USD/KRW is defending the $1,300 mark on the above comments, trading 0.24% lower on the day at $1,303, as of writing. The pair jumped to the highest level in two months at $1,314.53 on a broad-based US Dollar strength.