Bank of Korea (BOK), South Korea's central bank, Senior Deputy Governor Lee Seung-heon said on Tuesday that they are closely monitoring FX markets.

Lee added that volatility is likely to increase while expressing his concerns over the recent depreciation of the won.

Market reaction

At the time of writing, USD/KRW is recovering ground to trade modestly flat at 1,376.22, having hit fresh five-day lows at 1,372.08 on the BOK commentary.