Citing two dealers, Reuters reports that South Korea's foreign exchange authorities likely sold US dollars to stem the won's downfall on Wednesday.
In an immediate reaction to the intervention news, the South Korean won rebounded from two-year lows of 1,265 against the US dollar.
At the time of writing, USD/KRW is trading at 1,261.57, still up 0.07% on the day.
The Korean won remained heavy after South Korea's economy grew 0.7% in the January-March quarter, slower than the 1.2% expansion in the final three months of 2021.
On the other side, the US dollar continued to capitalize on the risk-off flows and upbeat Durable Goods data ahead of Thursday’s critical advance Q1 GDP release.
