S Korea-FX market

S. Korea warns against speculative bets amid won's sharp fall

SEOUL, Aug. 23 (Yonhap) -- South Korea's foreign exchange authorities said Tuesday they will closely monitor whether there are speculative bets in the currency market amid the local currency's sharp weakness against the U.S. dollar.

"We will closely monitor whether there are speculative bets from the offshore (market) amid the won's weakness caused by a stronger dollar," they said.

The verbal warning came after the South Korean currency on Monday fell to the 1,330 won level against the U.S. dollar for the first time in more than 13 years amid prospects that the Federal Reserve will maintain its aggressive rate hike policy.

The local currency was trading at 1,339.70 won per dollar as of 9:35 a.m., up 0.1 won from the previous session.

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