The value of the South Korean won fell the most among 34 major currencies in February largely on the back of the country's trade deficit.

According to an analysis of exchange rates released by the Bank of Korea on Thursday, the rate of depreciation of the won against the U.S. dollar in the second month of the year stood at seven-point-four percent, more than double the average of other countries at three percent.

The central bank said that the trade deficit was responsible for about 40 percent of the drop, with January recording the largest negative balance for the month at 12-point-53 billion dollars.

The BOK added that the U.S. Federal Reserve’s expected monetary tightening, which was not included in the model, was also a factor in the won's depreciation.