SEOUL, Dec. 24 (Xinhua) -- South Korea's foreign exchange authorities on Wednesday delivered a verbal intervention to curb the recent volatility in the won versus U.S. dollar exchange rate.
The Ministry of Economy and Finance and the Bank of Korea said in a joint statement right after the opening of the foreign exchange market that the local currency's excessive depreciation was undesirable.
The statement stressed that the authorities had held a series of meetings and unveiled measures over the past weeks to demonstrate the government's strong will and comprehensive capabilities for market stabilization.
The won versus dollar exchange rate opened 1.3 won higher at 1,484.9 won per dollar, but it dipped to 1,465.5 won after the verbal intervention. ■
