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Government intervention in the currency market boosted the value of the U.S. dollar on Friday, when the greenback surged W13.80 to W987.80. The exchange rate opened up W2.00 at W976.00 on an increase in the yen-dollar rate and continued to rise rapidly as government intervention fostered buying movement.
Insiders say the currency authorities were at their most active so far this year by buying $1 billion.
Meanwhile, Finance Minister Han Duk-soo defined the current appreciation of won as abnormal. ¡°The won-dollar rate is falling too much. I shared this opinion with Bank of Korea Governor Park Seung during a phone conversation today,¡± he said at a forum on advancing Korea in Seoul.
(englishnews@chosun.com )
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