S Korea central bank, govt will take measures against excessive FX moves

[SEOUL] South Korea's central bank and the finance ministry said on Friday they will take all measures necessary against excessive movements in dollar-won trading, which they feel has been intensifying. "The Bank of Korea and the government feel that recent movements in the dollar-won exchange rate have been excessive and are concerned that herd behaviour in the market has been intensifying," the central bank and finance ministry said in an official statement sent to Reuters.

"Our foreign exchange officials' stance that they will take measures against excessive movements has not changed and we will do all that is needed if necessary."

The won was set to drop for a fourth day against the dollar around midday, and was down 0.9 percent per dollar at 1,238.2 as of 0240 GMT. The local currency is trading around 5-1/2 year lows against the greenback.

REUTERS