The South Korean won dove in value against the world's reserve currency on Wednesday after having edged higher earlier during the day, according to Bloomberg.
South Korea Trade Minister Yoon Sang Jick said the won's consistent upward tick has been damaging to smaller exporters in South Korea. The won has risen roughly 3.6 percent against the U.S. dollar thus far during the second quarter. Bonds issued by the nation's government were on the rise.
"The authorities seemed to have been waiting for a good time to intervene, and they know that intervention has to be big to be effective," Currency Analyst Jeon Seung Ji with Samsung Futures Inc. in Seoul told the media outlet on Wednesday. "Today's actions show the government is determined to prevent the won from strengthening beyond 1,000."
The won dipped as much as 0.6 percent on Wednesday against the greenback after rising roughly 0.1 percent.
Thus far this year, the won has pushed up more than 3 percent against the U.S. dollar, according to Reuters. Some traders told the news source they believed officials were selling the dollar.
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