The won <KRW=> ended the local session at 1,027.8 per dollar, down 1.1 percent from Thursday's domestic close of 1,016.5 <KRW=KFTC>, after hitting a one-month low of 1,028.0.
A senior Finance Ministry official said the government would take action to correct 'excessive one-way bets' against the won, which he said were not desirable. [ID:nSEO356559]
Dealers said the authorities were believed to have sold dollars for won throughout the day.
'Dollar sales by authorities today did little more than slow the pace of the won's decline, rather than turning the mood around,' said a domestic bank dealer.
The dollar's global strength against major currencies, worries about the slowing South Korean economy and a slight rebound in oil prices all combined to dent the won.
0600 GMT 0235 GMT prev close
Won <KRW=> 1,027.8/8.1 1,023.5/4.0 1,016.5
Yen/won <JPYKRW=R> 9.3777/48 9.3376/21 9.2703/47
KOSPI <.KS11> 1,568.72 1,570/46 1,564.00
(Reporting by Lee Kyoung-ho and Yoo Choonsik; editing by Jonathan Hopfner) . lw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
