The South Korean won exchange rate has risen sharply, with South Korea expressing "firm determination" to defend its currency.

The Korean won has strengthened, as the Korean authorities previously stated that the excessive weakness of the won was unacceptable, and the foreign exchange market would soon see the government's "firm determination". A text message jointly sent by the Bank of Korea and the Ministry of Finance stated that the authorities have held multiple meetings in the past two weeks to discuss the recent weakening of the won. The Ministry of Finance also announced a series of new tax measures to help stabilize the foreign exchange market, while the Korean National Pension Service is reportedly initiating "strategic" foreign exchange hedging operations. The won briefly rose 1.4% against the US dollar to 1,460.00. The exchange rate had dropped to 1,484.65 on Tuesday, approaching the lowest level since the global financial crisis in 2009. Wee Khoon Chong, a market strategist at Mellon Bank in New York, stated that the latest measures were "strong and smooth operations", undoubtedly indicating that the authorities are trying to normalize the supply imbalance. Since the end of June, the won has depreciated by nearly 8%, ranking among the worst-performing Asian currencies during the same period.