Seoul: The government has called on exporters to play a proactive role in stabilizing the foreign exchange market, including the converting of export proceeds into the Korean won, the finance ministry said Wednesday.

According to Yonhap News Agency, Second Vice Finance Minister Huh Chang met with officials from major exporters, including Samsung Electronics Co., SK hynix Inc., and Hyundai Motor Group, to discuss cooperation in addressing recent volatility in the foreign exchange market. The meeting highlighted the importance of exporters' efforts in stabilizing the Korean won, which had previously weakened to around 1,550 won against the US dollar but has since regained strength to the upper 1,400-won range. This recovery was partly attributed to the inflows from SK hynix's American depositary receipt (ADR) offering on the Nasdaq market.

Huh emphasized that the supply of U.S. dollars is expected to improve in the second half of the year, driven by the semiconductor supercycle and the country's strong economic fundamentals. He reiterated the government's commitment to stabilizing market expectations amidst external uncertainties, such as the ongoing Middle East conflict.

In the meeting, Huh urged exporters to actively convert export proceeds and foreign currency deposits into the Korean won, and to repatriate overseas retained funds. The companies present acknowledged that a stable foreign exchange environment is crucial for reducing uncertainties and providing a solid foundation for investment and business management. They pledged to take a more responsible role in supporting the government's stabilization efforts.