Starting in July, the trading hours of the Korean won-U.S. dollar exchange market will be extended by more than ten hours.

A group of foreign exchange operators approved the extension and other changes at a general assembly on Friday, set to take effect on July 1.

The daily onshore trading hours will be extended from the current 9 a.m. to 3:30 p.m. to 9 a.m. to 2 a.m. the following day. Hours will not change for trading of the won and other foreign currencies.

Spot exchange brokerage firms are expected to provide rates at the top of every hour between 9 a.m. and 2 a.m., at 3:30 p.m., as well as the time-weighted average price.

The extension, which has been pushed by the government to further open up the nation's currency market, is expected to increase currency exchange convenience for both domestic and overseas investors and reduce trading costs.

Authorities said they would closely monitor foreign exchange markets to prevent an excessive expansion of volatility from the extended hours.