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S.Korean official says S.Korean currency overvalued against U.S. dollar
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11:07, July 06, 2007

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South Korean Deputy Finance Minister Kim Sung-jin said Friday that the country's currency won remains " overvalued" against the U.S. dollar and has risen too much compared with other Asian currencies.

The won is considerably overvalued to the dollar when we look at many of the indicators, Kim told an interview with local BBS Radio.

"Since 2002, the won has ascended 42.5 percent to the dollar, compared with a 7.1 percent rise for Japan's currency," he added.

South Korean local currency won closed at 918 won to one U.S. dollar, the highest level since December 2006.

South Korean government officials have repeatedly said that they are closely monitoring the won because it has appreciated too much since this week.

Source: Xinhua

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