South Korea finance minister: rapid FX rate changes a problem

SEOUL: The nominee to be the first finance minister of South Korea’s incoming government said on Monday he respects the foreign exchange rates set by the market forces but that rapid changes in the rate are a problem.

Finance minister nominee Choo Kyung-ho made the remarks in response to a lawmaker’s question during a confirmation hearing, while refusing to comment on the possibility of the won falling as low as the psychological 1,300-won level per dollar.

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South Korea’s won was trading at around 1,266 per dollar on Monday, down about 6% this year to date.