Lee rules out intervention in foreign exchange market

LIMA, Nov. 20 (Yonhap) -- South Korean President Lee Myung-bak said Thursday his
government will take few measures to stem the slide of the Korean won against the
U.S. dollar and other major currencies, ruling out the possibility of extensive
government intervention in the foreign exchange market.

"(The government) has no intention to intervene in the foreign exchange market.
We'll just stand still," said the president while meeting with Korean reporters
accompanying him on his state visit to Peru.
"The economy should be allowed to roll on its own. An external shock is not
desirable."
Lee's remarks came as the value of the won dipped below the psychologically
important 1,500 level against the U.S. dollar. The current fell to 1,518 won
against the greenback, the weakest level in over 10 years, in morning trading on
Friday (Korean time).
ycm@yna.co.kr
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