Seoul: Finance Minister Koo Yun-cheol presided over an inter-agency emergency meeting Sunday to discuss response measures to recent volatility in the foreign exchange market, his office said. The meeting aimed to address the challenges posed by the fluctuating exchange rates that have impacted both local and international financial markets.

According to Yonhap News Agency, the gathering focused on recent developments and potential strategies to stabilize the situation. Key figures at the meeting included Bank of Korea Governor Rhee Chang-yong, Ha Joon-kyung, senior presidential secretary for economic growth, Lee Eog-weon, chairman of the Financial Services Commission, as well as senior officials from the welfare and industry ministries.

The urgency of the meeting was underscored by the fact that the local currency was quoted at 1,473.7 won against the U.S. dollar on Friday. This rate is approaching the critical threshold of 1,500 won, prompting concerns among policymakers and financial experts.