The daily volatility of the South Korean currency rose to the highest level in 16 months in the second quarter on fear that the U.S. may taper its monetary easing, the central bank said Wednesday.

The average daily volatility of the local currency reached 6.6 won in the April-June period, wider than 5.4 won in the previous quarter, according to the Bank of Korea.

The second-quarter data marked the highest volatility since 9.3 won in the fourth quarter of 2011, it added.

The on-day currency volatility reached 4.8 won in the cited period, the highest since 7.4 won in the final quarter of 2011.

The local currency has been under downward pressure after the U.S. Federal Reserve Chairman Ben Bernanke signaled a gradual withdrawal of the $85-billion-a-month bond purchase program implemented to fuel the world’s No. 1 economy suffering from a slowdown.

The won fell 3.4 percent to an average of 1,122.80 won against the U.S. dollar over the cited three months. The won gained 7.6 percent to the greenback in 2012, the strongest since 2009.

The Korean currency has relatively high volatility as the country’s foreign exchange markets have not grown fully enough to absorb external shocks and are exposed to excessive capital in and outflow.

The won appreciated 3.4 percent to the Japanese yen in the second quarter, but the ascending pace has sharply slowed from a whopping 14.4 percent on-quarter gain tallied three months earlier.

The yen’s fast rise has been weighed down since the Fed’s indication of unwinding the stimulus, which prompted the dollar to gather ground against other major currencies.

South Korean banks’ daily foreign exchange trading volume, meanwhile, held almost steady from the previous quarter, averaging at $21.99 billion, according to the central bank. (Yonhap News)