January 17, 2018 / 4:51 AM / a year ago

S.Korea finmin says will leave fx rates to mkt but take action if needed

SEOUL, Jan 17 (Reuters) - South Korea’s Finance Minister Kim Dong-yeon said on Wednesday authorities will leave foreign exchange rates to market participants but take action if needed.

The won was trading down 0.3 percent at 1,065.8 per dollar as of 0442 GMT. Its recent steady gain against the greenback has prompted currency dealers to suspect foreign exchange authorities of engaging in intervention to slow the won’s rise.

Kim made the comments to reporters on the sidelines of a visit to Hyundai Motor Co. He said the carmaker plans to invest 23 trillion won ($21.58 billion) over the next five years. ($1 = 1,066.0000 won) (Reporting by Shin-hyung Lee; Writing by Christine Kim; Editing by Simon Cameron-Moore)

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