FX.co ★ Won Recovers Amid Market Stabilization Efforts

The South Korean won strengthened beyond 1,460 per dollar on Friday, recovering from its recent downward trend as government officials took steps to stabilize the foreign exchange market. Investor confidence grew following an emergency meeting held by senior economic figures. They indicated their willingness to use a variety of measures and collaborate with major players like the National Pension Service and leading exporters to address the imbalance between US dollar demand and supply. This straightforward communication, the most direct since October's verbal guidance, eased fears of further currency depreciation and prompted investors to scale back their dollar holdings, assisting the won in regaining some of its recent losses.