Seoul: The South Korean currency fell below the 1,470 won level per U.S. dollar Friday, retreating after a single-session rebound amid broad dollar strength and a weaker yen. The won was quoted at 1,473.6 won against the greenback at 3:30 p.m., down 3.9 won from the previous session.

According to Yonhap News Agency, the local currency had fallen for 10 consecutive trading sessions through Wednesday before snapping the losing streak Thursday. This brief recovery followed comments by U.S. Treasury Secretary Scott Bessent, who stated that the won's recent weakness is not aligned with South Korea's strong economic fundamentals, and that excess volatility in the foreign exchange market is undesirable.

The U.S. dollar gained strength overnight on positive U.S. employment data, while the Japanese yen remained weak. The won has recently hovered around the closely watched 1,450 won level despite attempts at verbal intervention and policy measures by authorities. Experts attribute this largely to dollar strength, geopolitical risks, and significant overseas securities investments by local investors.

In an effort to maintain financial stability amid the fluctuating currency, the Bank of Korea (BOK) on Thursday decided to keep its benchmark interest rate unchanged at 2.5 percent for the fifth consecutive meeting.