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Bank of Korea weighs FX intervention to stem won's slide

Gov. Lee hints at November hike with economy growing and inflation accelerating

The Bank of Korea held rates on Tuesday, but is considering intervention in the foreign exchange market as South Korea's won depreciates against the dollar.   © Reuters

SEOUL -- The governor of the Bank of Korea said Tuesday that the central bank is considering intervening in the foreign exchange market in a bid to stem the won's sharp slide against the U.S. dollar.

"We plan to stabilize the market, if needed, watching outside uncertainties carefully," Gov. Lee Ju-yeol told reporters after the bank's seven-person monetary policy board kept its key interest rate unchanged at 0.75% as expected. "Recently, the won-dollar exchange rate has risen somewhat quickly than other key currencies."

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