SEOUL, March 5 (Reuters) - South Korea said on Thursday its policy is to intervene when the currency market 'overshoots' and that the won's drop was partly due to overreaction by traders to the country's foreign debt burden.
Vice Finance Minister Hur Kyung-wook also told a radio program that there was no need to worry about the country's foreign exchange reserves temporarily falling below $200 billion, indicating that the government could sell dollars if needed.
(Reporting by Yoo Choonsik) Keywords: FINANCIAL/KOREA WON (choonsik.yoo@thomsonreuters.com; +82-2-3704-5580; Reuters Messaging: choonsik.yoo.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Vice Finance Minister Hur Kyung-wook also told a radio program that there was no need to worry about the country's foreign exchange reserves temporarily falling below $200 billion, indicating that the government could sell dollars if needed.
(Reporting by Yoo Choonsik) Keywords: FINANCIAL/KOREA WON (choonsik.yoo@thomsonreuters.com; +82-2-3704-5580; Reuters Messaging: choonsik.yoo.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.