April 3, 2018 / 12:24 AM / a year ago

South Korea says will act in cases of high FX volatility

SEOUL (Reuters) - South Korea’s government official in charge of foreign exchange said on Tuesday that authorities will act to curb sharp fluctuations in the won if necessary.

The Korean won KRW=KFTC touched as high as 1,056.5 versus U.S. dollar on Monday, its strongest intraday level since Oct. 2014.

“We’re closely watching market situations,” the official said, asking not to be identified because of internal policy.

“Whether the government discloses (currency market) intervention details or not, there is no change to our stance that we will be taking action in cases of sharp volatility,” the official said in a phone call with Reuters.

South Korea, along with China, avoided the currency-manipulator label in twice-yearly U.S. Treasury report, but was kept on a currency “monitoring list”.

The United States often presses Seoul to disclose details of currency interventions to improve transparency of its currency policies.

Reporting by Shin-hyung Lee, Dahee Kim; Editing by Eric Meijer

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