The presidential office has stated that the won's sharp depreciation against the greenback is still within a manageable level, in a bid to temper jitters concerning an economic crisis.

In a briefing, Senior Presidential Secretary for Economic Affairs Choi Sang-mok acknowledged that the won-dollar exchange rate is at the highest level since the global financial crisis of 13 years ago but dismissed concerns that a similar downturn may unfold.

He said major currencies, and not just the won, are all currently sliding in value against the strong dollar.

Noting two particular indicators, Choi said the spread on foreign exchange stabilization bonds and the premium on credit default swaps are very favorable and reiterated that there is no need to get nervous by the exchange rate alone.

He said the government was also monitoring the adverse effect of exchange rates on inflation and promised to sternly respond to herding and speculation in the market.

The statement is seen as an effort by the top office to quell market woes in addition to similar moves by foreign exchange regulators.