The won's rout continued last week as the bad news kept piling up and the cold, hard reality of Korea's situation became more apparent.
The Bank of Korea raised the base interest rate by a 25 basis points to 2.50 percent on Thursday.
Korea will take pre-emptive measures to prevent market volatility in the wake of the Fed’s 75 basis point rate increase Wednesday, Finance Minister Choo Kyung-ho announced.
Investors are fleeing stocks for bonds as they seek safe havens in midst of economic uncertainty.
Bank of Korea warned that rising rates may lead to an increase in personal and corporate insolvencies
Korea's central banker is taking note of the deteriorating world economy.
The Bank of Korea and the Finance Ministry agree that inflation is the top priority.
Korean stocks and other financial assets plummeted Monday as expectations for rapid rate rises in the United States grew as did fears about money flowing out of riskier investments and markets.
Bank of Korea Gov. Rhee Chang-yong hinted at another interest rate hike in July.
The central bank revised first quarter growth down 0.1 percentage points from its April report to 3.0 percent .