South Korea's Finance Minister Choo Kyung-ho came out with verbal intervention on Thursday, noting that they “will work to minimize adverse impact from weakening won.”

He said that they “will announce measures to stabilize FX market if needed.”

Market reaction

The talking up of the South Korean won by the South Korean authorities briefly helped the beleaguered currency, as USD/KRW dropped from daily highs of 1,302.79. At the time of writing, the pair is trading at 1,300, up 02.17% on the day.

The won tumbled below the 1,300 mark vs. the US dollar for the first time in 13 years amid looming global recession worries.