The South Korean won fell 1.5 per cent to 1134.35 against the dollar, its lowest since May, after the Fed accelerated its expected pace of policy tightening. As of press time, the dollar / won rose 1.2 per cent to 1129.90.

Lee Seung-heon, senior deputy governor of the Bank of Korea, said at the meeting that volatility is likely to rise due to changes in policy expectations for the economy and inflation in major economies such as the United States, so the Bank of Korea plans to take measures to stabilize the market if necessary.

The Bank of Korea said previous comments by the Federal Open Market Committee (FOMC) were more hawkish than expected. Lee held a meeting to discuss the impact of FOMC on financial markets and how to deal with it.

In other currencies, the Australian dollar fell below 0.76 against the US dollar for the first time since April 13. The euro fell 0.1 per cent to 1.1984, its lowest level since April 19th.

The dollar rose 0.5 per cent against the Malaysian ringgit, the biggest gain since may 4th, to 4.1375. The dollar rose 0.5 per cent to 31.335 against the Thai baht, its highest level since May 26.