S Korea may intervene in FX market to ease fluctuations: finance minister

15:34, July 11, 2011      

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South Korea may intervene in the foreign exchange market if the local currency fluctuates sharply against the U.S. dollar, the country's top economic policymaker said Monday.

"If the currency rate fluctuates sharply, our basic stance is that we could carry out smoothing operations to ease the herd behavior in the foreign exchange market," Finance Minister Bahk Jae-wan told reporters after a meeting with financial experts in Seoul.

Bahk, however, noted his remarks do not mean an immediate action, saying "it is hard to say now is the right time to implement smoothing operations."

His remarks came as the South Korean won has appreciated against the greenback since the start of this year. The local currency has gained more than 7 percent versus the greenback this year, to close at 1,057.8 won on Monday.

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