S.Korea fin min, c.bank issue joint verbal warning on won's drop
SEOUL, March 19 (Reuters) – South Korea’s finance ministry and central bank issued a joint verbal warning against speculation on the currency market as the won dropped more than 3% on Thursday morning against the dollar.
“The herd-like behaviour (in the currency market) is excessive, given S.Korea’s (solid) fundamentals,” said a finance ministry official reading a joint statement from the finance ministry and the Bank of Korea.
The won declined as much as 3.9% to nearly 1,300 per dollar earlier on Thursday, the lowest since July 2009, but trimmed back its losses after suspected intervention by the BOK, according to two local dealers. (Reporting by Yena Park, Cynthia Kim; editing by Christian Schmollinger)
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