Photo : YONHAP News
Authorities are preparing to conduct an inspection to determine whether speculative trading or activities manipulating the market have occurred as the won-dollar rate continues to stand in the one-thousand-500 won per dollar range.
The finance ministry’s Deputy Minister for International Affairs Moon Ji-sung unveiled details on Tuesday during a meeting he chaired that was attended by the Bank of Korea officials and market experts in the fields of foreign exchange, securities and macroeconomics.
Moon said related agencies will soon launch on-site inspections as he underlined that the government will sternly respond to any speculative transactions or market-disrupting activities that undermine market order or promote the won-dollar rate to rise further.
Participants assessed that the high won-dollar rate will be temporary when considering the solid base of the South Korean economy and the continued surplus in the current account balance.
The South Korean won weakened sharply against the United States dollar in the second quarter, pushing the average exchange rate to its highest level since the Asian financial crisis.
According to Bank of Korea data released Sunday, the average won‑dollar exchange rate from April through June 5 stood at one-thousand-490-point-98 won per dollar based on daytime closing prices, the highest level since the first quarter of 1998, when it averaged one-thousand-596-point-88 won.