Seoul: South Korea on Thursday called on exporters to help ease recent volatility in the foreign exchange market, which includes promptly converting their export earnings into the won to boost dollar supply. The Ministry of Finance and Economy made the call during a meeting with major exporters, including Samsung Electronics Co., SK hynix Inc., and Hyundai Motor Group, held to discuss recent trends facing the country.

According to Yonhap News Agency, during the meeting, the ministry stated that the Korean won has recently come under pressure despite the country's solid economic fundamentals as foreign investors sought to lock in profits from the stock market. The South Korean won remained above the 1,500-won level against the U.S. dollar for the 17th consecutive session through Wednesday. As of 2:37 p.m. Thursday, the currency was trading at 1,526.7 won per dollar.

The ministry expressed concerns that the prolonged strength of the greenback against the Korean won could negatively impact the domestic economy and increase the burden on businesses and households. It urged exporters to assist in addressing such volatility. The participants also explored strategies for promptly converting export earnings into the Korean currency and increasing the relocation of overseas funds held by domestic companies.

On the previous day, the government pledged to take stern action against activities that undermine stability in the foreign exchange market. These activities include excessively prepaying import costs to overseas counterparts or using virtual assets for settlements in ways that disrupt the dollar supply.