USD/KRW leaps to $1,228, Bank of Korea reportedly buying KRW vs. USD

In order to check the quick depreciation of the Korean won (KRW), Reuters is reporting that the Bank of Korea (BOK) is said to be buying the KRW against the US dollar.

The South Korean central bank said that they are “monitoring any speculative movement in the offshore FX market.”

“Will strengthen communication with major FX players in the local market, BOK noted.

Market reaction

USD/KRW is slightly off the 21-month highs of $1,228 on these above comments, currently trading at $1,226, still up 0.80% on the day.