Seoul: The country's financial authorities on Thursday reaffirmed that they will take timely steps, if necessary, to stem volatility in the currency market.

According to Yonhap News Agency, in a meeting on the financial market, Finance Minister Koo Yun-cheol stated that the authorities will increase market monitoring and confirmed the readiness to take timely actions against the decline of the won, if necessary.

The meeting also included Lee Eog-weon, chairman of the Financial Services Commission; Lee Chan-jin, governor of the Financial Supervisory Service; and Bank of Korea (BOK) Deputy Gov. Ryoo Sang-dai. They collectively acknowledged that while the local financial market remains stable, there are rising concerns regarding the increased volatility in the currency market.

The meeting was prompted by the Korean won's sharp fall against the U.S. dollar. The local currency concluded at 1,479.80 against the greenback on Wednesday, marking its lowest level since April 9, when it closed at 1,484.1 won.

In efforts to mitigate market volatility, the National Pension Service, a state-run pension fund, has activated a foreign-exchange swap agreement with the BOK.