The exchange rate of South Korea's currency won reached a new eight-year high to 927.9 won against one U.S. dollar on Monday.

The won closed up by 11.7 won, or 1.25 percent, from Thursday's close, which is the highest level during six months. The won has gained more than 7 percent against the greenback so far this year.

Analysts said Monday's gain was mainly due to the rise of Japanese Yen, which is at a seven-month high, against the U.S. dollar.

South Korean Finance Minister Han Duck-soo said earlier Monday that the country's currency authorities may take necessary measures to stabilize the currency market.

A survey conducted by the Korea Institute for Industrial Economics and Trade showed that most local exporters will be forced to drop their overseas sales if the won trades at 928 won to the dollar, the Yonhap News said.

Source: Xinhua