Korean currency stabilizes at strongest pace in over 3 years after authorities' intervention

The Korean currency slowed its freefall, closing at 1,449.8 won per dollar in daytime trading, Wednesday — improving by 33.8 won from the previous day’s close and hitting the strongest pace of gain in more than three years — following authorities’ verbal intervention to curb volatility reminiscent of past financial crises. The 33.8 improvement was the steepest gain since Nov. 11, 2022, when the won climbed 59.1 against the dollar. This rebound came after officials from the Ministry of Economy and Finance and the Bank of Korea (BOK) jointly issued a statement, as the won-dollar exchange rate had surged to the 1,480 level earlier this week. The closing rate was at 1,480.10 won on Monday and again 1,483.6 won on Tuesday, marking the first time since 2009 during the global financial crisis that the exchange rate ended two consecutive days in the 1,480 range. The exchange rate also opened at 1,484.9 won on Wednesday. Under the circumstances, the joint statement said, “An excessive weakness of the won is not desirable, and the market will soon see the government’s strong commitment