The South Korean won depreciated to around 1,469 per dollar, reaching a seven-month low and nearing levels not seen since March 2009. Governor Rhee Chang-yong indicated on Wednesday that policymakers stand ready to act should market volatility intensify. However, he played down recent losses, suggesting the market is overly reactive to global factors such as US monetary policy and rising trade tensions. The lack of a more decisive policy signal from the Bank of Korea has left investors cautious. Persistent equity outflows and increased overseas investments by residents have added to the downward pressure, with foreign investors pulling a net $5.2 billion from local equities, pointing to a sustained uncertainty in the market.
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