President Lee Jae Myung speaks during a press conference at Cheong Wa Dae in Seoul, Monday, marking his first year in office.
Yonhap President Lee Jae Myung on Monday attributed the won's recent weakness against the dollar to foreign investors rebalancing their portfolios after a sharp rally in local stocks, describing the Korean currency's decline as temporary.
"It is true that the exchange rate is high, but I see it as temporary," Lee said during a televised press conference marking his first year in office.
"Stock prices have risen so much that they are having an unusual impact on the foreign exchange market.
The stock rally has become a factor pushing the exchange rate higher." Lee said foreign investors appeared to be selling off Korean stocks to rebalance their portfolios after the benchmark KOSPI's sharp rally.
