The Bank of Korea will intervene to control currency volatility if needed, the central bank's chief told CNBC, describing the recent market fluctuations as a little "excessive."
Central bank governor Rhee Chang-yong said external factors are fueling the Korean won 's movement.
Rhee attributed the won's weakness to the strength of the U.S. dollar as well as geopolitical tensions in the Middle East.
Weakness in other Asian currencies like the Japanese yen and Chinese yuan are also affecting the won, he added.
The won strengthened on Wednesday to as high as 1,382.6 per dollar, up 1.26% after hitting a 17-month low and breaching a major threshold of 1,400 per dollar on Tuesday.
Persons:
Rhee Chang, CNBC's Karen Tso, Rhee
Organizations:
Bank, CNBC, Korean, U.S
Locations:
Korea, Washington