The US Treasury secretary has criticised weakness in the Korean won, saying its depreciation is “not in line” with the country’s “strong economic fundamentals” and adding to concerns about the currency’s volatility in one of Asia’s biggest exporters.
The currency strengthened as much as 0.84 per cent following Scott Bessent’s comments to Won1,463 overnight in Asia, before weakening during Thursday trading back to Won1,472.
Bessent “emphasized that excess volatility in the foreign exchange market is undesirable” in a meeting with South Korean finance minister Koo Yun-cheol this week, according to a statement from the Treasury department.
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