The South Korean won sharply cut losses against the dollar on Friday after a senior Finance Ministry official warned of action to counter “excessive one-way bets” against the currency.

Choi Jong-ku, head of the ministry’s international finance bureau, said by telephone it was not desirable for the won to move on excessive one-way bets.

The won briefly rebounded above 1,022 per dollar on Choi’s comments, after falling to a one-month low of 1,026.9, compared with Thursday’s domestic close of 1,016.5.

source: http://www.afxnews.com

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