Seoul: The government has announced its intention to closely monitor the foreign exchange (FX) market due to increasing volatility, as stated by the finance ministry. This announcement marks a rare verbal intervention in the FX market.

According to Yonhap News Agency, the Korean won experienced a sharp decline against the U.S. dollar on Friday, reaching its lowest level in over five months. The decline continued, with the won trading at 1,427.8 per U.S. dollar as of 1:30 p.m., which is a decrease of 8.2 won from the previous session.

The Ministry of Economy and Finance released a brief message stating, "The foreign exchange authorities are closely monitoring the market with a sense of vigilance as the won's volatility has recently increased due to internal and external factors." This statement represents the first verbal intervention by FX authorities since April of last year.