Seoul says excessively weak Korean won not 'desirable' in latest verbal intervention

Foreign exchange authorities said Wednesday that an excessively weak Korean won is undesirable, adding the market will soon see their strong commitment and capacity for comprehensive policy execution to stabilize the local currency. The verbal intervention came as the local currency neared its weakest level in 16 years against the US dollar in recent weeks despite a series of stabilization measures by the authorities. "Excessive weakness of the won is not desirable. The government has held a ser