South Korea’s finance ministry, Choi Sang-mok, said on Tuesday that the recent volatility in the country's financial and foreign exchange markets is "excessive" given the nation's strong economic fundamentals.

"Although volatility in the financial and foreign exchange markets has increased, it appears somewhat excessive compared to the robust fundamentals and external stability of our economy,” said the finance minister.

South Korea's top economic policymaker further stated that he will respond with market stabilising measures.  

Market reaction

At the time of writing, the USD/KRW pair is trading 0.12% higher on the day to trade at 1427.51.