Financial authorities have endorsed a plan to extend the trading hours of the won-U.S. dollar, starting in July, according to a group of foreign exchange operators Sunday.

The move, which was approved Friday by the group, has been pushed by the government to further open up the nation’s currency market.

Under the approval, the onshore trading hours of the won-U.S. dollar will be extended to from 9 a.m. to 2 a.m. next month. Currently, the trading hours of the won-U.S. dollar are set from 9 a.m. to 3:30 p.m.

In February, First Vice Finance Minister Kim Byoung-hwan visited a foreign financial institution in London and inspected a trial operation of the extended trading hours, according to the finance ministry.

Financial authorities said they would closely monitor foreign exchange markets if an extension of trading hours increases volatility.

If the volatility of the exchange rate is excessively increased even during the nighttime, “appropriate measures will be taken to stabilize the market in a timely man
ner,” according to financial authorities.

Source: Yonhap News Agency