Fearing a free fall in the won, the Government had said the currency could not decline by more than 10 percent a day.

The currency has declined 37 percent since a devaluation on Jan. 13.

Last year it emphasized gold, which would appreciate if the dollar and other currencies declined in value.

The currency issued by the central government rapidly declined in value until it became virtually worthless.

But the currency declined later in the session on what some dealers termed technical factors and profit taking.

On Monday traders said there was no need to sell dollars because the currency declined.

Already, the American currency has declined about 40 percent in the last two years.

As the American currency has declined in value, it has pushed up the dollar prices of foreign goods.

The currency then declined but still managed to hold some of its gains for the day.

Last year, the currency declined by 50 percent against the U.S. dollar.