SEOUL, Oct. 2 (Xinhua) -- The South Korean government will make efforts to stabilize the foreign currency market amid growing concerns from the drastic decline of the local currency, the Vice Finance Minister Kim Dong-soo said Thursday.

    "We are determined to stabilize the foreign exchange market," Kim said, adding that the recent volatility of the won-dollar exchange rate is excessive.

    The South Korean won has recently plunged against the U.S. dollar mainly due to the global financial instability arising from the United States.

    On Tuesday, the won versus U.S. dollar fell to the 64 month low, making it one of the greatest decliners among Asia's currencies. The continuous fall of the local currency is putting an upward pressure on the already high inflation.

    The country's consumer prices grew 5.1 percent in September, breaching the central bank's target range of 2.5-3.5 for the 10th straight month.