South Korea FX authorities aimed to cap dollar-won at 1,385,...
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Published date: 2024/06/23
- Location: Ka6 1ye, South Dakota, United States
By Cynthia Kim and Yena Park
SEOUL, June 19 (Reuters) - South Korea's foreign exchange authorities view the 1,385 level as a line in the sand for the won versus the dollar, two sources involved in the policy discussions told Reuters on Tuesday, citing recent measures to arrest the currency's weakness.
The Bank of Korea and the finance ministry were preparing measures to intervene in the USD/KRW spot market had it breached the 1,385 level in late-May, เลขงวดนี้ the sources said, requesting anonymity due to the sensitivity of the matter.
"The authorities were waiting to see if the won weakens beyond the 1,385 level to decide the timing of measures to support the won," one of the sources said, referring to his conversations with FX authorities.
A fast weakening of the won has been causing headaches for policymakers in Asia's fourth-largest economy as the currency lost 6.
SEOUL, June 19 (Reuters) - South Korea's foreign exchange authorities view the 1,385 level as a line in the sand for the won versus the dollar, two sources involved in the policy discussions told Reuters on Tuesday, citing recent measures to arrest the currency's weakness.
The Bank of Korea and the finance ministry were preparing measures to intervene in the USD/KRW spot market had it breached the 1,385 level in late-May, เลขงวดนี้ the sources said, requesting anonymity due to the sensitivity of the matter.
"The authorities were waiting to see if the won weakens beyond the 1,385 level to decide the timing of measures to support the won," one of the sources said, referring to his conversations with FX authorities.
A fast weakening of the won has been causing headaches for policymakers in Asia's fourth-largest economy as the currency lost 6.
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