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South Korea finance minister says won is not weakening too fast right now

Thursday, December 29, 2016 - 09:01

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South Korea's finance minister said on Thursday that the won's depreciation against the US dollar has not been too fast, downplaying the urgency of any government intervention in the currency market.

[SEOUL] South Korea's finance minister said on Thursday that the won's depreciation against the US dollar has not been too fast, downplaying the urgency of any government intervention in the currency market.

"The won's fall is not that sharp right now," Yoo Il-Ho said at a briefing in Seoul.

The won was trading at 1,209.50 against the US dollar as of 0040 GMT, its weakest level since March this year. It has lost close to 3 per cent against the greenback so far in 2016.

A finance ministry official in charge of the currency market said Mr Yoo's comments were meant to point out that the won has been relatively stable compared with other currencies.

REUTERS

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