Photo : YONHAP News
The South Korean won weakened sharply against the U.S. dollar on Friday, with the exchange rate rising more than eleven won amid a weaker yen and higher global oil prices.
In the Seoul foreign exchange market, the won weakened against the U.S. dollar by eleven-point-one won from the previous day’s closing, trading at one-thousand-517-point-two won per dollar as of 3:30 p.m.
It marks the highest closing level since April 2, when the rate closed at one thousand-519-point-seven won.
The exchange rate opened lower but quickly reversed course and at one point climbed as high as one-thousand-519-point-four won during the session, nearing the one-thousand-520 won level.
Authorities issued a verbal warning shortly before the market close to curb volatility.
The finance ministry and the Bank of Korea said they were closely monitoring the market, adding that recent exchange rate movements appeared excessive compared with economic fundamentals and warning that authorities would take firm action if necessary.