South Korea's finance minister said on Friday authorities would take immediate and decisive action if needed to respond to excessive volatility in the foreign exchange market.

Minister Choi Sang-mok said authorities would stand ready to utilise the market stabilising programme of 94 trillion won ($68.00 billion) if needed to stabilise financial markets.

Choi, currently in Washington, made the comments in an emergency meeting held via telephone with senior ministry officials to assess domestic implications of military conflicts in the Middle East. ($1 = 1,382.4200 won) (Reporting by Jihoon Lee; Editing by Sonali Paul)