Hooyeon Kim

South Korea and the US agreed to maintain close cooperation in addressing the won’s weakness, according to Korea’s top foreign-exchange official.

South Korea’s won slid toward its weakest level since the global financial crisis, leading a retreat in Asian currencies, as the dollar strengthened and overseas investors sold local equities.

South Korea’s biggest lenders are boosting trading desks in London and Seoul to prepare for the won’s round-the-clock trading starting next week.

Global investors’ interest in South Korea’s economy and capital markets has “clearly changed” for the better in recent years, the country’s top finance ministry official said, as the won prepares to shift to round-the-clock trading on July 6.

Deep inside a government complex in Sejong, about two hours from Seoul, a room known as “the box” is ground zero for South Korea’s currency anxieties.

South Korean officials are preparing for currency flows related to SK Hynix Inc.’s offering of American depositary receipts as soon as Friday, according to a person familiar with the matter.

Seoul is pressing ahead with landmark reforms to win developed-market status, even as the won languishes near a 17-year low.

The South Korean won inched higher against the dollar as the currency began its first day of 24-hour trading.

Trading in the Korean won passed with below-average volume in its first day of round-the-clock dealing during a largely uneventful session, compared to the past 30 days.

South Korea plans to relax foreign-exchange rules governing capital transactions in the second half of the year as part of a broader effort to internationalize the won and deepen overseas use of the currency.